The administrator of Rex - Regional Express (ZL, Wagga Wagga) and associated insolvent companies will rely on provisions in the Australian Securities and Investment Commission (ASIC) Corporations (Externally-Administered Bodies) Instrument 2015/251 to defer financial reporting obligations for a period between six and 24 months, according to an August 28 Australian Stock Exchange filing.

In addition, the requirement to hold an annual general meeting at least once every calendar year and within five months of the end of the financial year is temporarily waived. Rex filed for voluntary administration in late July after a three-year-plus foray into B737-800s caused significant losses. Those jet flights have now ended while its mainstay turboprop flights continue during the administration period.

Last week, the administrator, Ernst & Young, applied to the Federal Court of Australia for an extension of time to hold a second creditors meeting. That meeting must now occur on or before November 25.

"Whilst it remains the administrator's intention to convene the meetings of creditors of the Rex Group at the first opportunity, it is our current view that the greatest return to creditors is likely to be derived from a sale or recapitalisation of the business as a going concern," a August 21 letter to creditors reads. "More time is required to achieve such an outcome."

The Australian Financial Review's Street Talk column recently flagged a consortium involving current Rex Group chairman John Sharp and Skytraders (SND, Sydney Kingsford Smith); Allegro Funds (owner of logistics operator Team Global Express); Bain Capital (owner of a majority stake in Virgin Australia (VA, Brisbane International)), Anchorage Capital Partners; and majority shareholder and ousted chairman Lim Kai Hai, as all mull whether to make an offer to buy Rex. Speaking on August 29, the managing director of Alliance Airlines (QQ, Brisbane International) dismissed reports his airline was looking at making an offer. "We're not remotely interested," Scott McMillan said.

Non-binding offers to acquire Rex closed in mid-August while binding offers are due around the middle of September.