Canberra lays out terms for support of Rex Airlines rescue

November 5, 2025roymorgansocial Leave a comment

Original article by Chris Zappone
The Sydney Morning Herald – Page: Online : 5-Nov-25

The federal government will provide Rex Airlines with a new $60m commercial loan, lifting taxpayers’ total financial support for the carrier to more than $200m since it went into administration. US-based Air T will in turn contribute $50m to the recapitalisation of Rex as part of its deal to acquire the failed airline. The government will also restructure about $90m of Rex’s debt on terms that will allow repayments to be made over time via a profit-sharing arrangement. In addition, the government will retain its security over Rex’s fleet of Saab 340s aircraft and its flight simulator. Meanwhile, administrator EY has confirmed that Rex’s creditors will not recover any of their money.

CORPORATES
REX AIRLINES PTY LTD, REGIONAL EXPRESS HOLDINGS LIMITED, AIR T INCORPORATED, ERNST AND YOUNG

Rex Airlines finds US buyer after entering into voluntary administration

October 22, 2025roymorgansocial Leave a comment

Original article by Miriah Davis
abc.net.au – Page: Online : 22-Oct-25

The administrators of Rex Airlines have confirmed that they have secured a sale and implementation deed with US-based air services company Air T. The deal follows a long-running sale process for Rex, which went into voluntary administration in June 2024. Transport Minister Catherine King in turn has confirmed that the federal government has entered into an agreement with Air T in relation to restructuring Rex’s financing arrangements. She says this will allow Rex to continue to provide aviation services for regional communities. Air T is a holding company for 16 entities that provide a range of aviation services. The deal will be put to Rex’s creditors in coming weeks.

CORPORATES
REX AIRLINES PTY LTD, REGIONAL EXPRESS HOLDINGS LIMITED, AIR T INCORPORATED, AUSTRALIA. DEPT OF INFRASTRUCTURE, TRANSPORT, REGIONAL DEVELOPMENT, COMMUNICATIONS AND THE ARTS

Sara Lee sold to former Darrell Lea owner and race car champion

January 30, 2024roymorgansocial Leave a comment

Original article by Jessica Yun
Brisbane Times – Page: Online : 30-Jan-24

FTI Consulting received approaches from about 60 local and international parties about buying the Australian arm of Sara Lee. The administrators of the frozen desserts brand has struck a deal to sell the business to Klark and Brooke Quinn for an undisclosed price. The Quinn family had previously bought collapsed confectionary icon Darrel Lea and turned around its fortunes before selling the business to a private equity firm. Sara Lee went into voluntary administration in October 2023.

CORPORATES
SARA LEE AUSTRALIA PTY LTD, FTI CONSULTING PTY LTD, DARRELL LEA CONFECTIONERY COMPANY PTY LTD

Clough on the brink amid fresh contract blowouts

October 18, 2022roymorgansocial Leave a comment

Original article by Nick Evans, Perry Williams
The Australian – Page: 17 : 18-Oct-22

Murray & Roberts has advised the Johannesburg Stock Exchange that cost blowouts at the Waitsia gas project and a petrochemicals plant in Texas will reduce its profit for the six months to December. The company’s Australian subsidiary Clough is undertaking engineering work on the two projects, and Clough CEO Peter Bennett has advised staff that the contractor’s financial position has worsened since an update in early September. He also said Clough and its parent are looking at options for the company. Clough recently opened a data room for prospective buyers of the business, while sources have indicated that voluntary administration may also be an option.

CORPORATES
CLOUGH LIMITED, MURRAY AND ROBERTS HOLDINGS LIMITED, JOHANNESBURG STOCK EXCHANGE

Don’t vote down Bain out of spite: unionist

August 10, 2020roymorgansocial Leave a comment

Original article by Robyn Ironside
The Australian – Page: 15 : 10-Aug-20

Virgin Australia CEO Paul Scurrah said recently that it would retrench a third of its workforce to help it return to profit and to survive the COVID-19 pandemic. Australian Licensed Aircraft Engineers Association secretary Steve Purvinas says he is concerned to hear talk that some of those who will lose their job have indicated they plan to vote against the airline’s deal with Bain Capital. He contends a ‘no’ vote would amount to spite, while Purvinas says backing an alternative proposal to Bain’s that has been put forward by bondholders would not help employees.

CORPORATES
VIRGIN AUSTRALIA HOLDINGS LIMITED – ASX VAH, AUSTRALIAN LICENSED AIRCRAFT ENGINEERS’ ASSOCIATION, BAIN CAPITAL LLC

Bain pumps crucial $125m into Virgin

July 14, 2020roymorgansocial Leave a comment

Original article by Lucas Baird
The Australian Financial Review – Page: 12 & 14 : 14-Jul-20

Virgin Australia aims to have 35 per cent of its pre-COVID-19 capacity in the sky by the end of August, according to the minutes of a committee of inspection meeting. The minutes also reveal that Virgin’s prospective new owner, Bain Capital, injected $125 million into the airline on 1 July to insure its immediate survival. The committee of inspection comprises a group of around 30 Virgin creditors, and lead administrator Vaughan Strawbridge says the committee has endorsed the sale of the airline to Bain Capital.

CORPORATES
VIRGIN AUSTRALIA HOLDINGS LIMITED – ASX VAH, BAIN CAPITAL LLC

Wilson one of AAP’s mystery investors

July 7, 2020roymorgansocial Leave a comment

Original article by Max Mason
The Australian Financial Review – Page: 18 : 7-Jul-20

Wilson Asset Management founder Geoff Wilson is a member of the consortium that has acquired the newswire business of Australian Associated Press. Wilson has stressed that he contributed to the consortium via a privately-owned entity rather than any of his listed companies. The 35-member consortium finalised the deal in late June, and will formally take control of the business on 1 August.

CORPORATES
AUSTRALIAN ASSOCIATED PRESS PTY LTD, WILSON ASSET MANAGEMENT

Bondholders move to stop sale of Virgin

July 7, 2020roymorgansocial Leave a comment

Original article by Lucas Baird
The Australian Financial Review – Page: 13 & 22 : 7-Jul-20

Deloitte will oppose an application for the Takeovers Panel to halt the sale of Virgin Australia to private equity firm Bain Capital. Virgin’s bondholders want its creditors to be given an opportunity to vote on their proposal to recapitalise the failed airline; this includes a debt-for-equity swap and relisting Virgin on the sharemarket. A spokesman for Deloitte says the administrators believe that the application to the Takeovers Panel is without merit and the sale to Bain is the best outcome for all creditors.

CORPORATES
VIRGIN AUSTRALIA HOLDINGS LIMITED – ASX VAH, DELOITTE TOUCHE TOHMATSU LIMITED, BAIN CAPITAL LLC

Shareholders likely to miss out altogether from Virgin sale

July 1, 2020roymorgansocial Leave a comment

Original article by Lucas Baird
The Australian Financial Review – Page: 13 & 16 : 1-Jul-20

Virgin Australia’s joint administrator Richard Hughes has advised that the failed airline’s creditors are unlikely to be repaid in full. He has also warned that Virgin’s shareholders are highly unlikely to receive any payout from its US-based private equity firm Bain Capital. Sources close to several of Virgin’s five major foreign shareholders have indicated that this outcome had been expected. Bain Capital will formally take control of Virgin on 1 July.