One of the more interesting and delicate issues to watch as the economy emerges from the pandemic is how the Australian Competition and Consumer Commission responds to the efforts to recover lost volumes by companies with market power.
At the moment most of the industry is grounded, much of it is being kept technically alive via government assistance and there is little prospect, even for domestic airlines, of a return to pre-pandemic normal for some years. The time-frame for a large-scale resumption of international aviation is far more extended.
In June, of course, Virgin Australia was in administration. While its pleas for a government cash bailout had been refused, it appears its subsequent request for protection from Qantas if and when it emerged from administration was successful.and will emerge from administration with a vastly different balance sheet and cost structure.
Rex announced on Tuesday that it is in advanced negotiations with an Asian private equity giant for an issue of convertible notes that could raise up to $150 million. If the first $50 million tranche were converted, PAG Asia Capital would own 23 per cent of Rex. If the fully $150 million were converted it would hold 48 per cent.
problems for the regulator? oooh, what a shame. [i hate qantas. what they've done under cover of covid and for the benefit only of their shareholders]
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