Cerberus Capital Management LP
Reuters reported in March that Citigroup was looking to sell the business without taking losses and was offering partial financing to bidders.
Reuters also reported then that bidders included a handful of groups consisting of more than 10 private equity firms including Warburg Pincus LLC
Bloomberg said on Thursday that the group that included Warburg Pincus withdrew from the process, according to one person.
Cerberus and Citi declined to comment. Officials at Centerbridge, Warburg Pincus and KKR could not be reached immediately.
(Reporting by Martinne Geller and Ernest Scheyder; editing by Carol Bishopric)