ASX Announcements
Market Sensitive
Rex Enters Voluntary Administration
Company Administration - Other
- Jul 31, 2024
- 4 pages
This Month
Rex’s regional rivals eye an opportunity to expand into key routes
But others in the industry are urging the federal government to step in and provide funding to ensure towns aren’t left without services and staff are paid.
- Ayesha de Kretser
Chalmers disputes RBA; Rex sale looms; Why Harris chose Walz
Read everything that’s happened in the news so far today.
Dealmakers send out the sales pitch for the rebirth of stricken Rex
But Regional Express’ prospective buyers don’t have much time. Confidential documents put an August 30 deadline on binding buyout offers for the carrier.
- Sarah Thompson, Kanika Sood and Emma Rapaport
Inside the boardroom civil war that brought Rex to its knees
Bad blood turned executives at the carrier against one another – just as its major lender was trying to sell the airline’s assets to Bain Capital.
- Ayesha de Kretser
- Opinion
- Aviation
It wasn’t Sydney landing slots that sent Rex into a spin
Rod Sims and other critics of government aviation policy should analyse the facts before obsessing over slot-hoarding.
- Graeme Samuel
Qantas, Virgin’s hold on Sydney Airport slots to face challenge
Long-awaited changes to Sydney Airport are finally materialising as Labor commits to maintaining regional flights.
- Ayesha de Kretser
Good news for car buyers | Rex suffers small airline curse | Rate hike relief
This week on the Chanticleer podcast, James and Anthony have good news for car buyers, unpick a huge week on global markets, including Australia’s inflation surprise, and ask why regional airline Rex fell from the sky.
Rex chairman John Sharp breaks silence on CEO pay deal
Rex CEO Neville Howell is essential to keep the airline’s regional flights running because his employment is tied to its air operator certificate.
- Ayesha de Kretser
Rex was months behind payments, as ratepayers left to foot bill
The collapse of Regional Express into voluntary administration is bad news for local councils still reeling from the loss of Bonza, which also left unpaid airport fees.
- Ayesha de Kretser and Phillip Coorey
- Opinion
- Letters to the Editor
Emissions targets come at a high price
Readers’ letters on unattainable emissions targets; Engineers Australia; and what to do about Regional Express.
Rex called in advisers in May, Westpac emerges as creditor
Documents filed with ASIC on Thursday show EY had been called in by Rex’s major lender PAG months before it went into voluntary administration.
- Ayesha de Kretser
July
Rex’s CEO got juiced-up contract six days before grounding
As Australia’s aviation industry seethed with rumours of Regional Express’ woes, newish CEO Neville Howell had a spot of good luck.
- Myriam Robin
Rex needs a buyer willing to spend big on planes
The government is downplaying its interest in a bailout, but may have no choice but to stump up to help keep the regions connected.
- Ayesha de Kretser and James Hall
- Updated
- Aviation
Over 600 jobs at risk after Rex grounds flights
Over 600 jobs at troubled airline Regional Express are at risk, the administrator told workers on Wednesday after the company’s shares were suspended and flights grounded between capital cities.
- Updated
- Ayesha de Kretser
- Analysis
- Aviation
How Rex’s ‘golden triangle’ plan failed
Rex appears to have fallen prey to the curse plaguing challengers keen to throw down the gauntlet to the established duopoly of Qantas and Virgin. But Labor’s inaction on aviation policy didn’t help.
- Ayesha de Kretser
- Opinion
- Chanticleer
Why Qantas isn’t a big winner from Rex turmoil
At first glance, Qantas looks the obvious winner from the turmoil at Rex. But the aviation sector’s comeback kid won’t be cheering this mess.
- James Thomson
- Updated
- Aviation
Rex stops selling seats as board scrambles to stabilise airline
The board of embattled Regional Express will meet to decide on the airline’s fate after it stopped selling seats on flights between major cities, and as it evaluates a plan to simplify the business.
- Updated
- Ayesha de Kretser
Rex’s big lender PAG Asia Capital prepares for salvage operation
PAG’s view, they said, was that the capital city strategy had been a failure and should end immediately. The regional routes, however, could be saved.
- Sarah Thompson, Kanika Sood and Emma Rapaport
Ousted Rex chairman won’t ‘speak ill of the dead and dying’
Rex poised to make material announcement amid speculation it needs capital to invest back into regional flying.
- Ayesha de Kretser
Rex faces boardroom coup as Singaporean investors push to oust chair
The largest shareholder of the regional carrier has called for a shareholder vote just a month after he stepped down as the airline’s executive chairman.
- Kylar Loussikian
