Rex in voluntary administration, ending all 737 services

[HS-TQE]

FR24 still using REX livery for their photos on the App. I wonder how long that will last.

Probably someone hasn't uploaded the pictures of the repainted aircraft on FR24 yet.

 

[Saab34]

Who is using those Rex gates down at T4, you know that old Tiger area? Haven’t been down that way for ages.

 

[Harrison_133]

Who is using those Rex gates down at T4, you know that old Tiger area? Haven’t been down that way for ages.

Virgin

 

[Harrison_133]

In the SMH today:

“On 21 March 2023, Lim received the year-to-date and monthly profit-and-loss figures for the Rex Group for February 2023, and Rex was thereby aware that the Rex Group had incurred an operating loss of approximately $46.2 million,” ASIC has alleged in documents filed with the NSW Supreme Court.

"On 14 April 2023, Lim made a request by email to [Lincoln] Pan and [Sid] Khotkar (copying Sharp) requesting $10 million in funding from PAG, describing the company’s cash reserves as ‘critically low’, domestic sales as ‘disappointingly and bewilderingly bad’, the February results as having ‘crashed’ and a lack of recovery in March.”

Lim’s email to his fellow directors included a spreadsheet showing Rex had recorded a before-tax loss of $7.2 million in February and an estimated before-tax loss of $2.5 million for March 2023.

In early May, Khotkar sent an email to Pan – who were both appointed by PAG – on Rex’s route performance, and observed the airline’s “load factor seems to have dropped more than the industry” and that April did not seem “to be showing significant improvement”. A high load factor, a key measure of profitability, indicates an airline has full planes with most seats occupied by passengers.

Days later, Lim, Sharp, Khotkar and Pan received Rex’s “Weekly Worm Report”, which showed the airline’s monthly passenger revenue in January, February, March and April was down compared with the previous year.

Source: Rex’s desperate hunt for $10 million before airline’s collapse