A creditors' report has detailed the value of a planned takeover of the failed Rex Airlines along with the value of last year's sale of subsidiary National Jet Express.
The corporate regulator is suing listed airline Regional Express over “serious governance failures” linked to misleading profitability claims before it landed in administration.
Perth-based fly-in, fly-out airline National Jet Express has come under the full ownership of two Singapore-based directors including former Rex Airlines chairman Lim Kim Hai.
Rex Airlines and Skippers Aviation have once again secured deals to exclusively operate regional air services in the Great Southern, Northern Goldfields and Gascoyne regions.
The competition watchdog is seeking to maintain four independent operators in the fly-in, fly-out market, flagging plans to quash Virgin's partnership with Alliance over fears it would erode competition.
Rex has acquired the fly-in, fly-out arm of Cobham Aviation for $48 million, a move it hopes will help it become a premier operator in the lucrative resources sector.
Regional Express appears to have its sights set on a foray into the fly-in fly-out sector, entering a trading halt after revealing it was vying for a slice of Cobham Aviation's operations.
ASX-listed companies have detailed roughly $2 billion in JobKeeper payments spanning the last two financial years, with only a handful making voluntary repayments.
Australians looking for cheap flights are already benefitting from Rex's entry into the domestic market, after Jetstar and Virgin cut prices in response.
Australia's top competition body will closely scrutinise the domestic flight market as restrictions have led the nation's major airlines to consider strategic overhauls.
Regional Express said its board had approved plans to raise at least $30 million to launch services that would compete against Qantas and Virgin Australia.
Australian airline Regional Express (Rex) has been guaranteed at least one return service per week to most of its 59 destinations under the federal government's regional airline support program.
