Rex - a regional airline with a fleet of 60 Saab 340 turbo propeller aircraft - said it will use the funds to establish a fleet of five to 10 jet aircraft based in either Sydney or Melbourne to service the lucrative "Golden Triangle" between Australia’s three largest cities.
The company said there was "strong interest" shown by parties to participate in its fund raising, with an offer from lessors to buy 15 of its jets for $30 million, prompting its board to authorise management to start preparing to commence domestic jet services on March 1 next year.Rex's entry onto domestic capital city routes will bring fresh competition to dominant player Qantas and its budget arm Jetstar, and could influence the relaunch plans for bankrupt rival Virgin Australia.
American private equity firm Bain Capital signed an agreement last week to buy Virgin and relaunch it out of administration as aRex is looking to take on Qantas and Virgin in the lucrative 'golden triangle' routes between Australia's three biggest cities.Rex’s deputy chairman John Sharp said that the airline already had a network of 60 destinations and infrastructure at Melbourne, Sydney and Brisbane airports.
Rex said in March that it was on the brink of collapse as the COVID-19 crisis took hold, and threatened to cease all flying to regional destinations unless federal and state governments bailed it out. The company has since received almost $81 million in grants through various federal aviation industry support packages, according to the government’s GrantConnect website.
not going to end well for Rex.
Golden triangle was/is a drug traffic route.
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