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A $50 million debt lifeline for Rex will pave the way for a second crack at selling the embattled regional airline. The federal government will acquire $50 million of debt from Rex’s largest creditor, private equity firm PAG Asia Capital, after the airline lurched into administration and stopped flying between metropolitan cities.
In December, the corporate regulator announced it would take Rex and four directors to court over continuous disclosure breaches for failing to reveal a $35 million shortfall until days before the financial year ended. The Australian Securities and Investments Commission is attempting to have four directors disqualified over alleged corporate governance failures.
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