Buyers Hover as Administrators Plot Course to Save Rex

A large number of potential buyers have expressed an interest in embattled regional airline Rex as administrators work to keep the embattled carrier flying while weighed down with $500 million (US$328.6 million) in debt. Ernst & Young (EY) Australia has been appointed to chart a path forward for the five companies in the Rex Group since the airline called in the administrators and grounded its Boeing 737 fleet on major metropolitan routes. Rex’s regional flights have continued because of continued funding from private equity firm PAG Asia Capital as the airline desperately seeks a buyer or financial lifeline. EY partner Samuel Freeman, a corporate turnaround expert, on Aug. 9 told a first meeting of Rex creditors administrators were contacting “a large number of likely interested parties” in a bid to find a buyer or investor for the airline....