American aviation holding company Air T closed the acquisition of Rex - Regional Express (ZL, Wagga Wagga) on December 18, and is now the 100% owner of the insolvent regional airline. The Australian government remains as a secured creditor. The company received creditor approval in November.

The new owner will provide a AUD50 million Australian dollar (USD33 million) credit facility, funded by one of its investors. The Australian government will extend a separate AUD60 million (USD39.6 million) loan and pledged to restructure approximately AUD90 million (USD59.4 million) in existing debt.

In exchange for the government's vote of support, Air T is expected to restore fourteen Saab 340Bs, growing its operational fleet from 31 to 45.