Richard Branson is seeking a buyer for Virgin Atlantic Airways Ltd. after he was unable to secure a 500 million pound ($616 million) government bailout, the Telegraph reported.

Branson has set an end-of-May deadline to save the airline from collapse. The company is focused on securing new private investment from more than 100 financial institutions with the help of investment bank Houlihan Lokey, the newspaper quoted people familiar as saying.

About 50 investors have asked for information and they will be narrowed down to a handful of bidders. Centerbridge Partners and Cerberus Capital Management are among those in the running, according to the report.

A spokeswoman for Virgin didn’t immediately respond outside of working hours.