A majority of creditors to Rex, the bankrupt Australian regional carrier, have voted in favour of a takeover bid by US-based holding company Air T.
On Tuesday (November 11), Air T announced that a majority of creditors, both in number and in value, voted for the takeover plan that Air T and Rex administrators entered last month.
“This strong endorsement reflects confidence in our vision for Rex and our commitment to regional aviation in Australia,” Air T said in a statement. “We take our responsibilities under the proposed deed of company arrangement seriously.”
Both parties intend to close the transaction by the end of 2025.
Last month, as covered by Airline Economics, Air T entered into a sale and implementation deed and a reconstruction deed with Rex’s administrators.
Under the proposed deal, a wholly-owned subsidiary of Air T will acquire 100% of Rex’s outstanding capital stock.
Rex is well-known in Australia for its extensive regional network, and the acquisition will provide Air T with access to new routes, fleets and customer segments.