Air T completes acquisition of Regional Express Holdings (Rex) for $1; Rex reports $114.6M loss, negative equity

AIR T INC

Rex audited FY25 loss after tax of $114.6M; revenue $305.2M; net liabilities of $161.3M at June 30, 2025.
Acquisition closed Dec 17, 2025 for nominal $1 consideration; Air T provided $50M facility with 5-yr term at 12% interest.
Commonwealth loan of $147.6M restructured: $39.8M forgiven, balance $107.8M converted to 30-yr interest-free facility.
Rex entered voluntary administration July 30, 2024; exited Dec 18, 2025 via DOCA extinguishing legacy creditor claims.
Rex Airlines (domestic jets) placed into liquidation Nov 11, 2025; Rex now focused on regional flight services.

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