Rex is about to depart voluntary administration and keep away from a authorities takeover after being bought to a US-based purchaser.
“As outlined in Rex’s ASX launch on 17 June 2025, the Directors have acquired a variety of gives from events in reference to the method for the sale and/or recapitalisation of the Group,” the directors wrote.
“Having thought-about these gives as a part of the gross sales course of, the Directors are happy to verify they’ve now entered right into a Sale and Implementation Deed with Air T, Inc., which is able to end result within the sale and recapitalisation of the enterprise operations performed by the Group.
“No return to shareholders is anticipated. An replace shall be offered forward of the second conferences of collectors of the Group which is presently anticipated to be held inside the present convening interval of the administration.”
In a press release, a spokesperson for Federal Transport Minister Catherine King mentioned the announcement is a “optimistic step in the direction of bringing Rex out of voluntary administration”.
“The Australian Authorities has additionally entered into an settlement with Air T in relation to restructuring Rex’s financing preparations in reference to the acquisition,” the spokesperson mentioned.
“This can permit Rex to maintain flying and keep vital aviation hyperlinks for regional communities.
“Because the sale course of led by the Directors remains to be underway, the Australian Authorities won’t remark additional at the moment.”
In keeping with the Herald, Air T has entry to components wanted for the maintenance of Rex’s ageing Saab 340 fleet, which was within the highlight lately following two engine malfunctions within the span of lower than every week.
The Nasdaq-listed firm is the proprietor of Kingman Airport in Arizona, which is the place Rex had allegedly stolen 4 Saab planes from leasing and upkeep agency, Jet Midwest, and stripped them for components. The lawsuit by Jet Midwest, filed post-administration, has been dismissed.
On its web site, Air T, the enterprise arms of which embody plane buying and selling, plane leasing, components, and freight operations, payments itself as “an industrious American firm with a networked portfolio of highly effective companies, every who function independently but interrelatedly”.
“We search to put money into dynamic, proficient people and groups; insightful doers of their enterprise domains. We apply company assets to activate progress and overcome challenges – in the end constructing nice enterprises that flourish by ‘win-winning’ over the long-term,” it reads.
EY Australia was earlier this 12 months given till 5 December to wrap up the second sale course of, which was slated to finish on 30 June. It’s the second extension to the administration interval.
Extra to comply with.
