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Australian-based firm Renaissance Partners has urged the Federal Government to take its offer for Rex, warning that it won’t be on the table forever.
Renaissance, which has reportedly been rebuffed several times by administrator EY Australia and sales agent Houlihan Lokey, says it submitted a binding offer to the government on 30 July that will fully repay all taxpayer investments and keep the airline flying.
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In a press release, the consortium said its bid will “protect over 1,000 jobs, and pave the way for unsecured creditors’ full recovery by 2028”.
“The offer also ensures Rex stays Australian-owned, is relisted on the ASX, and is refreshed so to have a sustainable long-term future without further public bailouts,” Renaissance said.
“Rex Airlines’ administration stretched into its second year on 1 August 2025. EY have racked up tens of millions of dollars extra in fees as their sales agent, Houlihan Lokey, has overseen two unsuccessful sales processes, all at the expense of the taxpayer.”
Andrew Cochrane, executive director of Renaissance, said that Rex spending over a year in voluntary administration is “entirely unnecessary, unfair to taxpayers and the regions”.
“Our offer ends this now: repays Government, secures jobs, and locks in the essential services. Further delays just waste more public money and everyone’s time,” he said.
“The Government reached out to Virgin and was rebuffed. The reality is that Rex is not an asset for an existing airline, and Rex without a bigger vision is not a money-spinner for private equity.”
The firm has previously flagged plans to turn Rex into the regional arm of a new TAA, with hubs in Darwin and Canberra.
“Renaissance has the bigger vision and has secured the backing of local and international capital making our offer the only true pathway for Government to choose.
“We first engaged with the Government with a resolved future for Rex a year ago today. Our current plans for a third airline in Australia rescue Rex, but doesn’t need Rex to be realised.
“We must soon move on, leaving Rex and the prospect of preserving every essential route and its future relocation to Canberra behind.”
The federal government has previously indicated it would look into purchasing Rex itself if the current sale process falls through, making it the first nationalised airline in Australia since the privatisation of Qantas in the 1990s.
EY Australia was earlier this year given until 5 December to wrap up the second sale process, which was slated to end on 30 June. It is the second extension to the administration period.
A spokesperson for the Department of Transport told Australian Aviation the government is “committed to maintaining access to aviation services for regional and remote communities, and understands the critical role of the Rex network to regional economies”.
“A sales process for Rex is currently underway and is being led by the Administrators who are acting in accordance with their statutory obligations, including to achieve the best possible outcome for creditors,” the spokesperson said.
“The Government is not able to comment further on the sale process as it is commercially sensitive. All potential bidders have been referred to the Administrators’ sales agent Houlihan Lokey.”
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says:who are the “local and international capital” backers and what is the extent of that backing plus if they re-list on the ASX do you really think that it will be an attractive investment offer. The complete and precise details of the offer should be made public because all the evidence to-date indicates that the enterprise is dead awaiting burial.