REX AIRLINES Trading Halt
Joined: May 2016
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From: Sunshine Coast
With renewed strength and clarity, we move forward, not defined by the turbulence behind us, but by the possibilities ahead.
Joined: Feb 2011
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From: Sydney
Joined: May 2016
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From: Sunshine Coast
Joined: Nov 2001
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From: Australia/India
I again find myself on the horns a dilemma. Which would I prefer to be true? That governments are so incompetent that they believe this way forward is a good idea, or that governments know it's a bad idea but most of the taxpayers' money wasted on the way to the trainwreck will end up in the 'right' pockets.
Joined: Jan 2006
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From: Sydney Australia
“It is the outcome of disciplined planning, principled decision-making and an unwavering commitment to the regional communities we exist for.”
Where’s the vomit icon!
Joined: May 2016
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From: Sunshine Coast
You've really got to wonder, who was that written for? Who was the target audience?
Joined: Nov 2001
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From: Australia/India
From my perspective, the 'target audience' is obviously the mug punters whose taxes have paid for, and will continue to pay for, a business trainwreck caused by at-best incompetent executives.
Joined: Jan 2006
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From: Sydney Australia
Joined: May 2016
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Posts: 1,537
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From: Sunshine Coast
The original press release from 15 August 2024 referred specifically to the guarantee applying during the Administration process.
There doesn't appear to be anything further from the government on the guarantee since the Air T bid was voted up at the second meeting of creditors back in November.
The Albanese Government has today announced it will guarantee regional flight bookings for Rex customers throughout the voluntary administration process.
Travellers can continue to book regional flights on Rex during this process with certainty that they will either fly or get their money back.
Travellers can continue to book regional flights on Rex during this process with certainty that they will either fly or get their money back.
Joined: May 2016
Aviation Qualifications: PPL
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From: Sunshine Coast
Anyone want to hazard a guess at how much EY trousered for their 16-odd months as Administrators?
For context, for all bar the last six weeks of the administration, Rex had revenue of just over $396 million. Oh, and unsecured Group creditors got zero cents/dollar out of the sale to Air T.
For context, for all bar the last six weeks of the administration, Rex had revenue of just over $396 million. Oh, and unsecured Group creditors got zero cents/dollar out of the sale to Air T.
Joined: Jan 2006
Posts: 2,535
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From: Sydney Australia
The original press release from 15 August 2024 referred specifically to the guarantee applying during the Administration process.
There doesn't appear to be anything further from the government on the guarantee since the Air T bid was voted up at the second meeting of creditors back in November.
There doesn't appear to be anything further from the government on the guarantee since the Air T bid was voted up at the second meeting of creditors back in November.
Considering the severe damage the current management did to the Regional part of the business, the loss of the monopolies that followed, and a lack of on carriage alliances, it will be interesting to see the load factors going forward.
Mind you, now that Rex is no longer a public company, just how much transparency there will be in that area remains to be seen.
Joined: Dec 2023
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From: Oz
Rex isn’t completely private and never will be. They will always have a level of minister, sorry I mean taxpayer, input.
With the amount of money shuffling going around, I’d call it more ‘operated by Air T for the Australian Taxpayer’.
With the amount of money shuffling going around, I’d call it more ‘operated by Air T for the Australian Taxpayer’.
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.
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.
Joined: May 2016
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From: Sunshine Coast
Perhaps more like, "financed by the Australian Taxpayer, operated by clowns, for Air T"
Joined: Nov 2013
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From: Equatorial
Anyone want to hazard a guess at how much EY trousered for their 16-odd months as Administrators?
For context, for all bar the last six weeks of the administration, Rex had revenue of just over $396 million. Oh, and unsecured Group creditors got zero cents/dollar out of the sale to Air T.
For context, for all bar the last six weeks of the administration, Rex had revenue of just over $396 million. Oh, and unsecured Group creditors got zero cents/dollar out of the sale to Air T.
Joined: May 2016
Aviation Qualifications: PPL
Posts: 1,537
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From: Sunshine Coast
And I'm guessing that if I were to say $90,000 a day, seven days a week, that would comfortably clear the bar for lachrymation.
As at 26 October 2025 when the accounts for the DOCA were prepared, EY had been paid $40.82 million.
But wait, there's more.
On top of that, there was $11.7 million in administration-related legal fees, and a further $5.8 million in sale advisor fees.
As at 26 October 2025 when the accounts for the DOCA were prepared, EY had been paid $40.82 million.
But wait, there's more.
On top of that, there was $11.7 million in administration-related legal fees, and a further $5.8 million in sale advisor fees.