Two vibrating bubbles submerged in a fluid influence each others' dynamics via sound waves in the fluid. Due to finite sound speed, there is a delay between one bubble's oscillation and the other's. This scenario is treated in the context of coupled nonlinear oscillators with a delay coupling term. It has previously been shown that with sufficient time delay, a supercritical Hopf bifurcation may occur for motions in which the two bubbles are in phase. In this work, we further examine the bifurcation structure of the coupled microbubble equations, including analyzing the sequence of Hopf bifurcations that occur as the time delay increases, as well as the stability of this motion for initial conditions which lie off the in-phase manifold. We show that in fact the synchronized, oscillating state resulting from a supercritical Hopf is attracting for such general initial conditions. The existence of a Hopf-Hopf bifurcation is also identified, and studied through an analogous system and the use of center manifold reductions. This procedure replaces the original DDE with four first-order ODEs, an approximation valid in the neighborhood of the Hopf-Hopf bifurcation. Analysis of the resulting ODEs shows that two separate periodic motions (limit cycles) and an additional quasiperiodic motion are born out of the Hopf-Hopf bifurcation. The analytical results are shown to agree with numerical results obtained by applying the continuation software package DDE-BIFTOOL to the original DDE.