REX AIRLINES Trading Halt

[neville_nobody]

https://minister.infrastructure.gov....id-acquire-rex

The Albanese Government is delivering on its commitment to support a successful sale of Rex.

Today, the Government is announcing the details of the financing that it will provide to support the proposal put forward by Air T, Inc. (Air T) to the Administrators of Rex in connection with their bid to acquire Rex.

The Government will restructure Rex’s existing debt to the Australian Government. Approximately $90 million of existing debt will be carried forward and a new commercial loan of $60 million will be provided to Rex.

This will supplement the $50 million being contributed by Air T towards the recapitalisation of the business.

In exchange for this financing and to ensure value for taxpayer money, Air T has agreed to a range of commitments aimed at preserving essential regional aviation connectivity and improving governance arrangements.

This will include returning more aircraft to service and increasing the frequency of profitable flights across the Rex network.

To safeguard this public investment, the Government will retain its security over all Rex’s aircraft and simulator. This will ensure Rex’s Saab fleet cannot be sold without the Government’s permission and will continue to service communities across regional and remote Australia.

Separately, the Government is also announcing today that it will establish a new program capped at $5 million for local government and regional and remote airports that supported Rex through the voluntary administration process.

This new program will mitigate financial barriers to these organisations continuing to provide essential services to their communities. Eligibility will be based on the amount owed to the organisation by the Rex regional business when it entered voluntary administration.

This program is a separate Australian Government initiative and is not part of the negotiations with Air T for its acquisition of Rex.

This builds on the vision outlined in the Aviation White Paper for the benefits of aviation to be shared across regional and remote Australia, and the extension of Regional Airports Program in the 2024-25 Budget with an additional $40 million for two further funding rounds.

[Chronic Snoozer]

Should have made Chevron finance it.

[43Inches]

I still will not be surprised if sometime after handover ten SAABs mysteriously leave the country and Air-Ts phones stop answering Australian numbers. Given how tit-for-tat the US has been recently and how the Australian courts refused to let Air-T (or one of it's tenants) chase down it's illegally procured parts, it would be funny to see the US do it back to Australia on a grand scale, as well as scarpering with a few million of the governments funds. We might even see a special version of that show where they repossess planes. When the Aus government goes to get it's money back it will face a big finger waving Trump tsk-tsking them.

[Frequentflyer13]

Originally Posted by 43Inches

I still will not be surprised if sometime after handover ten SAABs mysteriously leave the country and Air-Ts phones stop answering Australian numbers. Given how tit-for-tat the US has been recently and how the Australian courts refused to let Air-T (or one of it's tenants) chase down it's illegally procured parts, it would be funny to see the US do it back to Australia on a grand scale, as well as scarpering with a few million of the governments funds. We might even see a special version of that show where they repossess planes. When the Aus government goes to get it's money back it will face a big finger waving Trump tsk-tsking them.

The "illegally procured parts" you refer too were gone 3 years before Air T purchased the hangar at Kingman. That connection made after AFR released the leaked info on Air T was someone's very poor attempt using google to make a connection.

[43Inches]

Originally Posted by Frequentflyer13

The "illegally procured parts" you refer too were gone 3 years before Air T purchased the hangar at Kingman. That connection made after AFR released the leaked info on Air T was someone's very poor attempt using google to make a connection.

I see the parts were taken from Jet Midwest aircraft in 2020, who were storing the aircraft with Air'zona Aircraft Services, who was bought by AirT in early 2021. So not 3 years, only about 1 year, and it was from one of the tenants not the yard owner.

PS the date I have for the AirT ownership of Air'Zona is only the publish date, not the date they actually acquired it. There's a good chance they were in negotiations or in process of sale when the parts were taken from their property.

[Frequentflyer13]

I stand corrected, 1 year, the parts and airframes were long gone. It's published who handled this and it was not Air T or Air'Zona.

[43Inches]

Originally Posted by Frequentflyer13

I stand corrected, 1 year, the parts and airframes were long gone. It's published who handled this and it was not Air T or Air'Zona.

If you are referring to 340 Aviation Services, that is the company Rex hired to part out the aircraft while they were stored at Kingman, Rex didn't do it themselves. The storage facilities involved largest operators being Kingman Airline Services and Jet Yard Solutions, also owned by Air T, the owner/operators of the 'boneyard' at Kingman Airport. Air T acquired Jet Yard solutions in 2016, and Air'Zona in 2020/21. So now looking at it, Jet Yard Solutions, owned at the time by Air T was operating at least part of the 'boneyard' at Kingman well before the Rex issue, and had been since 2014.

PS I don't believe that Air T is going to do anything other than try to run Rex, my quote was that 'I wouldn't be surprised if...', in the same way I was not surprised that the Louvre security password was 'Louvre'. It's highly unlikely these things happen, but they do and when you know enough people you see it more regularly and are not surprised by much...

[KRUSTY 34]

Ha! Many a true word said in jest mate.

[CaptnCrunch]

The fact that Air T appear to be keeping that line-up of management in place makes you question how much due diligence they have applied here.

You can see the lack of accountability now. Every single issue was due to none of them and only LKH. If they believe that I have a few bridges to sell Air T.

[Hamley]

Originally Posted by CaptnCrunch

The fact that Air T appear to be keeping that line-up of management in place makes you question how much due diligence they have applied here..

Wait - the previous mismanagement morons are going to be back in their old positions??! Am I understanding this?

The same dumbasses that drove the company into the ground and wasted millions of $$$ on a doomed jet operation with a half-baked business strategy from the 1980s?

The same shady crooks facing legal action for misleading the market during that time?

While peoples super goes unpaid, suppliers never see any of the countless thousands each of them is owed for work they’ve done, these hapless geriatrics are getting their old jobs back?

[CaptnCrunch]

Originally Posted by Hamley

Wait - the previous mismanagement morons are going to be back in their old positions??! Am I understanding this?

The same dumbasses that drove the company into the ground and wasted millions of $$$ on a doomed jet operation with a half-baked business strategy from the 1980s?

The same shady crooks facing legal action for misleading the market during that time?

While peoples super goes unpaid, suppliers never see any of the countless thousands each of them is owed for work they’ve done, these hapless geriatrics are getting their old jobs back?

I was referring to Management Committee primarily.

[KRUSTY 34]

Creditors meeting

I recall reading in one of the few public articles about this fiasco, that the next Creditors meeting was to be today. An AI search has stated that it is now scheduled for 24th November.

Kicking the can down the road maybe?

[Frequentflyer13]

Originally Posted by KRUSTY 34

I recall reading in one of the few public articles about this fiasco, that the next Creditors meeting was to be today. An AI search has stated that it is now scheduled for 24th November.

Kicking the can down the road maybe?

According to ASIC its still 2pm today

Location: Via Microsoft Teams Meeting date: 11 November 2025 Meeting time: 02:00PM (AEDT)

[KRUSTY 34]

Originally Posted by Frequentflyer13

According to ASIC its still 2pm today

Location: Via Microsoft Teams Meeting date: 11 November 2025 Meeting time: 02:00PM (AEDT)

Thanks mate. Be interesting to see the outcome.

[Frequentflyer13]

Vote was passed

[AnotherFSO]

Albanese Government welcomes successful vote on Air T bid to acquire Rex

The Albanese Government welcomes the announcement that the majority of creditors have voted in support of Air T’s bid to acquire Rex at the second meeting of creditors.

Following the successful vote, Rex will be administered under a binding Deed of Company Arrangement while the remaining steps to complete the transaction are finalised.

Air T’s bid was endorsed by the Government and includes a support package comprising a loan of up to $60 million and a restructuring of existing Australian Government debt.

In exchange for this support, Air T has agreed to a range of commitments aimed at preserving essential regional aviation connectivity and improving Rex’s governance arrangements.

The Government thanks the Administrators and Rex for working throughout the administration period to keep Rex flying and maintain critical aviation links for our regional communities.

From: https://minister.infrastructure.gov....id-acquire-rex

[nomess]

That loan will never be paid back just write it off Jim.

[KRviator]

So... For those Council's who are owed hundreds of thousands of dollars, that just gets written off now? What's the bet next time Air T-Rex owes more than $10,000 in landing fees, one of those one-bitten, twice-shy Council's parks a slasher and ute either end of a SAAB until their invoice is paid before it gets to the aforementioned debt level?

[Icarus2001]

So... For those Council's who are owed hundreds of thousands of dollars, that just gets written off now?

Separately, the Government is also announcing today that it will establish a new program capped at $5 million for local government and regional and remote airports that supported Rex through the voluntary administration process.

This new program will mitigate financial barriers to these organisations continuing to provide essential services to their communities. Eligibility will be based on the amount owed to the organisation by the Rex regional business when it entered voluntary administration.

Looks to me like the long suffering taxpayer will pay back the money owed to the regional airports, perhaps because the feds realise that if the airports don't get paid then that is exactly what could happen...

2017... Qantas says one of its Boeing 737-800s was held for ransom in an unprecedented event at Canberra Airport in March 2017 following a diversion due to weather. It is understood Canberra Airport prevented the aircraft – carrying about 170 people – from departing until a diversion charge of $18,000 was paid immediately by credit card by parking a car behind the 737-800 and refusing to move it.

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[KRUSTY 34]

Let the games begin. 😊