Virgin rejects Govt advances to acquire Rex Airlines: Report
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Background ✨
The Australian Government acquired AUD50 million of Rex Airlines' debt and became its principal secured creditor after an initial sale process did not find a buyer for Rex's regional operations, while also providing up to AUD80 million in additional financing and guaranteeing ticket sales during voluntary administration, which was extended until 30-Jun-2025. A new sale process for Rex's regional business was scheduled to commence in Feb-20251 2 3 4.