ASX Announcements
Market Sensitive
Rex Enters Voluntary Administration
Company Administration - Other
- Jul 31, 2024
- 4 pages
Yesterday
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.
- Ayesha de Kretser
- Opinion
- Leading Indicators
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.
- Michael Read
This Month
- Exclusive
- Insolvency
Rex accused of stealing planes from Arizona aircraft graveyard
The lawsuit, filed by American leasing company Jet Midwest, adds a twist to the regional carrier’s tortured demise. Rex entered administration in July.
- Max Mason and Ayesha de Kretser
- Exclusive
- Aviation
Coalition wants powers to force Qantas to divest Jetstar
Though the Opposition is not calling for the low-budget airline to be sold, it thinks the threat will push the country’s largest carrier to lower prices.
- Ayesha de Kretser
August
Virgin cedes market share to Jetstar as budget travel crunched
Qantas is adding seats and winning share from Virgin, as the domestic aviation market softens and Jetstar’s new planes drive down fares.
- Ayesha de Kretser
Bidders fly into Rex auction; final offers due mid-September
Street Talk understands a fleet of parties have lobbed indicative offers including Allegro, Singaporean businessman Kim Hai Lim and specialist airline Skytraders.
- Sarah Thompson, Kanika Sood and Emma Rapaport
- Exclusive
- Aviation
AFP on the scene at Rex as boardroom recriminations deepen
The inquiries come weeks after the regional carrier collapsed, and as administrators at EY work to find a buyer for its fleet and network of services.
- Ayesha de Kretser
Labor backs away from Rex bailout, guarantees regional flights
Transport Minister Catherine King says Regional Express customers will not lose money, offering a guarantee that will help the airline keep ticket sales revenue coming in the door.
- Tom McIlroy and Ayesha de Kretser
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