Dhaka, Oct. 22 -- U.S.-based Air T Inc (AIRT.O) has signed a deal to acquire Regional Express Holdings Ltd (Rex), a regional Australian airline, from its administrators, with the transaction expected to close by year-end, subject to creditor and court approvals.

Air T said it has been working with Rex's administrators and the Australian government, which is Rex's secured lender, to reach a solution that supports all stakeholders.

As part of the deal, Rex's financing arrangements will be restructured in connection with the acquisition.

The proposed acquisition would maintain and grow Rex's regional airline operations while preserving jobs. Rex serves many remote areas in Australia, with about 50pc of its routes not covered by other carr...