Regional Express has found a buyer after the airline was operating under voluntary administration for more than a year.
In a statement on Tuesday evening, administrators confirmed they had entered into a sale and implementation deed with Air T, a US-based air services company.
The carrier, also known as Rex, was placed into voluntary administration in July 2024, after acquiring $50 million in debt from its largest creditor at the time, PAG.
The federal government agreed to underwrite continued operations of the passenger service until this December while administrators searched for a buyer.
Based in Minneapolis, Air T is a group of 16 companies offering air cargo, commercial aircraft, engines and parts, as well as aviation ground support.
The process will result in the sale and recapitalisation of business operations, with an update on proceedings to be provided ahead of a second meeting with creditors.
“The Administrators would like to thank the Australian Government for their support to date in assisting to facilitate the proposed transaction,” a statement read.
A ‘positive step’: Transport minister
A spokesperson for co-administrator Ernst and Young told ABC News the sale proposal would be put to creditors in the next few weeks.