In short:
In Rex’s first creditors’ meeting, administrators revealed Rex’s debts totalled $500 million, owed to 4,800 creditors.
During the meeting, administrators said they were still investigating what caused the company to accrue so much debt
What’s next?
Administrators are still working through the company’s books.
Administrators for beleaguered regional airline Rex say the company is half a billion dollars in debt.
The airline, also known as Regional Express, was placed into voluntary administration late on July 30, after grounding its services between major cities.
The first creditors meeting, held by administrators from consultancy giant Ernst & Young (EY) on Friday, heard that Rex’s debts totalled $500 million, owed to 4,800…
