REX AIRLINES Trading Halt

[Liklik balus]

They will be going into administration by week's end!!!! And I so advise.!!

[SHVC]

F$&k I hate journalist. Watching them on the news mis report what’s happening here.

[BuzzBox]

Originally Posted by d_concord

Thanks, Thought I read Deloitte's. Irrespective it will be interesting to see who called them in and whether there is some other play going on rather than the board saying we need to get this under control through a freah set of eyes. Can't help but feel Kim Hai may have kicked an own goal as they say.

The Australian reported over the weekend that Deloitte had been called in to take a look at the books. According to today's AFR, lawyers acting for Deloitte wrote to some shareholders, stating "our clients are not seeking to be appointed voluntary administrators of REX … nor will they consent to such an appointment. Any suggestion that our clients are seeking to be appointed as voluntary administrators is therefore false.” The same article also says that 'sources close to the airline' said it was PAG that had called in the restructuring experts.

[Mr Proach]

Is this specific to the airline operation or does it apply to other entities of the organisation?

[d_concord]

Makes sense.

[Saintly]

Originally Posted by Liklik balus

They will be going into administration by week's end!!!! And I so advise.!!

100% certain on that? Definately administration for Rex?

[nomess]

Details coming out shortly apparently.

Jet ops to cease. Saab to continue.

[BinChook]

The Qantas group to takeover leases on all 737s to be operated under the REX AOC with the assistance of QF subsidiary NJS operating QF SH routes at a 50% reduction in operating costs.

[Saintly]

Originally Posted by BinChook

The Qantas group to takeover leases on all 737s to be operated under the REX AOC with the assistance of QF subsidiary NJS operating QF SH routes at a 50% reduction in operating costs.

Is that the latest?

[Saintly]

Originally Posted by nomess

Details coming out shortly apparently.

Jet ops to cease. Saab to continue.

If thats the case, then good decision. Best to swallow some pride and salvage whats remaining and go with what works best, in this case its the Saab and their regional routes. Delliotte will be uaving a good look at Rex's books and their financial details. Hopefully they can offer some advice for Rex going forward.

[brokenagain]

You can’t book flights on the Rex website anymore for any 737 flight. Guess that’s the end of another jet operator in Australia.

[regional_flyer]

Originally Posted by brokenagain

You can’t book flights on the Rex website anymore for any 737 flight. Guess that’s the end of another jet operator in Australia.

Same for the PER-ADL flight operated by NJE, which makes sense as it was supposed to be a part of the jet network.

[tcas_test]

Originally Posted by brokenagain

You can’t book flights on the Rex website anymore for any 737 flight. Guess that’s the end of another jet operator in Australia.

Same for the SAAB routes.

[Deceiver]

Originally Posted by tcas_test

Same for the SAAB routes.

It's allowing me to book DPO -> MEL tomorrow and into August. No 737 routes though.

[regional_flyer]

Originally Posted by tcas_test

Same for the SAAB routes.

It's still allowing me to dummy book SAAB routes out of Perth.

[Saintly]

Delloitte was bought in to look at their books. They probably haven't been making a profit for a while. But yeah I reckon strip the fleet right back...out go the 737s and keep the Saab's. Rex hedged their bets, they assumed VA would go under and Rex would step in and do well with the 737s....VA survived and Rex haven't been able to compete on domestic market against QF, VA & JQ. Time Rex went back to solely being a regional airline, that was their niche, that's what worked for them for so long.

[BinChook]

Hopefully the business has been smart enough to have the 2 operations financially separated. Get all the debt on the 737 books and close that down and keep the profitable SAAB part of the business running.

[OutbackDan]

Where's Deano969? Keen to hear his thoughts

[On Guard]

Originally Posted by BinChook

Hopefully the business has been smart enough to have the 2 operations financially separated. Get all the debt on the 737 books and close that down and keep the profitable SAAB part of the business running.

Smart is something these clowns are not. Luck would be the only reason for that. Unqualified self appointed executives.

Neville has his golden parachute, and I bet Sharp does too. Meanwhile the workers get screwed.

[Colonel_Klink]

Originally Posted by BinChook

Hopefully the business has been smart enough to have the 2 operations financially separated. Get all the debt on the 737 books and close that down and keep the profitable SAAB part of the business running.

Is the Saab operation going to be profitable again? I know that it was prior to Covid - but has the gross mismanagement of the turbo prop side of the equation meant that the SAAB operation may also be in a death spiral?