Rex in voluntary administration, ending all 737 services

Trading Halt lodged with ASX this morning.
Typically gives the company up to 2 days (can be extended) to make an announcement.
 
ThatMrBlake said:
The trading halt specially calls out its due to an announcement in relation to the news article from the weekend. So unlikely P/L.
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So essentially it will be just confirming that Deloitte are having a look. The announcement had never came from Rex, was a speculation piece from Nine Newspapers I recall.
 
jb747 said:
I wonder how many people they’ve burned with cancellations. I tried to use them but they cancelled the flight, without an alternative, and the refunded less than the cost of the ticket. Alan would have been proud of the mathematics.
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On 737 routes, not many I don’t think! They were pretty much the star performer when companies like VA were at 50% OTP/cancellations back in December or whenever it was.

I might have commented at the time, VA is no better with refunds. The best of all has been qantas, where a cancelled flight came with a full refund including all surcharges within 48 hours. With VA everything seems to be ‘20 business days’ :(
 
Saab34 said:
So essentially it will be just confirming that Deloitte are having a look. The announcement had never came from Rex, was a speculation piece from Nine Newspapers I recall.
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News Corp (Australian) and related rags (AFR) were the ones that broke the story over the weekend.
 
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Seems the rumour mill is suggesting Deloittes have been asked to help re-structure the business. Same people who did the Virgin turnaround.
 
The latest headline:

Rex in trading halt amid deepening strife​

A trading halt is in effect for Rex as speculation grows the airline will axe its struggling 737 operations amid a major internal crisis.
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Who knows what the future brings but the 737 operations need some sort of change/help ASAP.
 
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I’d imagine ceasing 737 ops would come with a significant financial penalty. Even headcount reductions, don’t come cheap.

Getting back to a Saab only operation would likely still mean entering VA.
 
Should/If REX eventually file voluntary administration, I'd suspect the 737 lessors will be flying their contracted repo guys into the country to repo their aircraft.
 
antycbr said:
Some might only need to be towed over to VA rather than flown out under repo…
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VA were at least rumoured to grab more ex Silk/SQ 738s, so I'd suspect the ex-Silk 8SAs at REX would only need to be towed over and perhaps flown to TSV for repaint in that scenario.
 

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