Its a bailout and albeit small but it was always coming. It does come with detail such as it cant be used to pay down debt except in the case of worker entitlements & they must make Rex sustainable. I believe there will be a further bailout by the government but that are using this to if Rex plays ball so to speak. Yes they are plenty of smaller players that have put there hand up but all us are old enough to have seen people in jobs to anything to get higher on the ladder & then fail cause they couldnt fulfill what was said. This would leave any government in perilous position. Sometimes it better to deal with devil you know than one you don't so much.
As for EY, i hope it shows EY are useless at Insolvency. Now they want the new owner to buy a brand new fleet. It really cant be that hard. Fix the planes that are grounded & flying again and sell it on. They may get 5-10 years out of them. No one is going to pay 300M for rex.
As for debts, they should be around 250M now with the sale of the Sim Centre, the houses Rex owned in Victoria & New South Wales & when AAPA & Mascot HQ Sell should put them closer to 200M & no more PAG.
A lot of the board members & senior management should fall on their sword never to manage a board again.