Creditors of Regional Express Holdings (Rex Group) have formally approved a Deed of Company Arrangement (DOCA) proposed by US-based aviation holding company Air T. The vote, which took place on November 11, effectively approves Air T's acquisition of Rex - Regional Express (ZL, Wagga Wagga), with the transition of operational control and legal ownership expected to be completed before mid-December 2025.

The acquisition includes Rex's core regional operations, which service 54 airports across Australia with a fleet of Saab 340B aircraft. Also included in the deal are the Australian Airline Pilots Academy (AAPA), aviation service provider Australian Aero Propeller Maintenance (AAPM), and the frequent flyer programme Rex Flyer.

The entity that operated Rex's short-lived B737-800 fleet, Rex Airlines Pty Ltd, is not part of the acquisition proposal. Creditors voted to place this entity into liquidation, formally ending the airline's three-year foray into Australia's competitive domestic trunk routes.

Rex Group entered voluntary administration on July 30, 2024, after its ambitious domestic jet expansion proved financially unsustainable. Throughout the 15-month administration period, the airline's essential regional turboprop services were maintained with substantial financial support from the Australian government.

The deal is backed by a substantial Australian government support package, which includes a new AUD60 million Australian dollar (USD39.3 million) loan and the restructuring of approximately AUD90 million (USD59 million) in existing debt.

In return, Air T has committed to preserving regional air services. It previously pledged to restore Rex's operational fleet to forty-seven Saab 340B and Saab 340B(Plus), which it expects to keep within the next 10 to 15 years.

EY Parthenon Partner Sam Freeman, one of the administrators, stated the deal secures the airline's future, saying that it "provides a superior outcome for stakeholders." He also acknowledged the broad support the airline received during the administration process, which included staff, customers, suppliers, and the government.