A potential boost for regional and rural Australians with beleaguered airline Rex looking set to be saved from administration at the 11th hour.
News reports claim U.S. aviation company Air T has landed a deal to take over the airline, which went into voluntary administration 15 months ago.
Both the Australian Financial Review and Sydney Morning Herald have reported the Nasdaq-listed Air T has reached an agreement to buy Rex.
Rex has continued flying regional routes after being bailed out by the federal government to the tune of $130 million.
The takeover is yet to be formally announced by either Air T or Rex but news sources claim the terms of the deal could be released as early as this week.
Any purchase transaction will be subject to a vote of Rex creditors.
