ASX Announcements
Update on non-core asset disposals
Asset Disposal
Market Sensitive
PAG Debt Assignment to Commonwealth (Completion)
Progress Report, Company Administration - Other
February
Heathrow slot manager beats Qantas and Virgin for Sydney control
UK-based Airport Coordination Limited will manage landing rights at Sydney Airport after wresting control from Australia’s major airlines.
TWU Airlines is not needed to keep flying to the regions
Not only is the nationalisation of Rex not required to maintain air services to regions, it is wrong in principle based on basic competition policy grounds.
Don’t waste cash on Rex bailout, regional carriers warn Labor
Rival regional carriers say they can service key routes if Rex collapses, as the Coalition slammed Labor’s bailout plan as a concession to unions.
This number explains CBA’s market power; ‘Australia killing US aluminium’; Sam Kerr wins but loses
Read everything that’s happened in the news so far today.
Albo’s JetKeeper will save Rex and bush votes – but at a price
By doubling down on plans to save Regional Express and its vital rural air routes, Labor rescuing a company that was indisputably the author of its own demise.
Labor flags taking control of Rex
Labor says it will buy Rex if no one else does, raising questions around how much capital will need to be sunk into the airline.
January
Woolworths NZ supermarkets boss to exit
Woolworths’ new CEO has made her first major change; NSW Police arrest 10 people for antisemitic behaviour; wildfire breaks out in LA. How the day unfolded.
Labor pays private equity giant $50m to keep Rex from the scrapheap
Labor has confirmed it will spend $50 million buying out private equity giant PAG Asia Capital, giving the administrators more time to find a willing buyer.
Qantas pips Virgin on on-time flights in otherwise lacklustre year
The two biggest airlines had fewer delays last year compared to 2023 but remain well below long-term averages. Few expect a major change in the next 12 months.
Boeing’s bumpy year cascades into real pain for Qantas, Virgin
From safety issues to a supplier crunch, the big aircraft manufacturers are having trouble producing enough planes. That means more delays and fuller flights.
December 2024
ASIC case against Rex throws up questions about $80m bailout
The corporate governance failings alleged by the regulator raise questions about what strings the government attached to its lifeline for the airline.
Taxpayers set to replace buyout giant as Rex’s biggest creditor
The move would give the government more control over the collapsed regional airline’s future. It comes as ASIC sued four directors alleging they misled investors.
November 2024
Bailout keeps Rex flying until after election
The $80 million, handed out with little detail, has to go towards making Rex a sustainable player again. The government needs to make a better case for how that will happen.
Labor’s $80m Rex handout angers regional rivals and potential buyers
The government hopes the money will keep the collapsed carrier flying to country towns until next year in the hopes administrators can sell the company.
PwC settles for millions; Rex exit raised fares; Musk’s job cutters
Read everything that’s happened in the news so far today.
Rex donated thousands of dollars in free flights to political parties
The regional airline, which is now under administration, flew party officials for no cost during the last two election campaigns, disclosures show.
October 2024
Toll swoops on Rex’s air ambulance business
The logistics giant is on the verge of acquiring the collapsed carrier’s air ambulance business. Any buyer for the rest will need to upgrade an ageing fleet.
September 2024
Bankers begin the task of unravelling the Rex empire with asset sales
Almost two months after Regional Express called in administrators, the regional airline’s assets is being broken up and sold off.
Domestic airfares jump after collapse of Rex
The demise of the regional carrier is more bad news for travellers as domestic raise fares and Qantas lifts its fees for changing bookings.
The ‘insolvency armageddon’ is all hype
Concern about the record number of company failures is not only overblown, but the surge in businesses going bust is probably a good thing.