Rex Airlines announces repayment of debt owed to PAGAC Regulus Holdings Limited
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Background ✨
Rex Airlines' recent asset sales were part of a broader strategy to address financial challenges during its voluntary administration, which included a process for sale and recapitalisation managed by Ernst & Young and Houlihan Lokey1. The Australian Government acquired AUD50 million of Rex's debt from PAGAC Regulus Holdings Limited to prevent adverse outcomes for regional communities and became the principal secured creditor2 3. Additionally, Rex sold its Pel-Air ambulance business to repay secured debt4.