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The proposed three-times weekly service was set to return on 22 June but has now been suspended “indefinitely” due to low forecasted demand.
It marks the first aggressive move to market to European destinations since the airline pulled out of flying to the hub airports of Hong Kong in 2020 and Abu Dhabi in 2017, before entering administration in 2020.
The application, which had been filed by apparent creditor Wealth Creation, was on Wednesday dismissed with the consent of both parties, with no orders made as to costs. It comes after Australian Aviation exclusively reported on the application earlier this month.
Transport Minister Catherine King argued creditor PAG could have collapsed the airline “at any stage” and insisted the purchase was also necessary to make a second attempt to find a buyer.
The move will see the Commonwealth buy out the remainder of the money owed to PAG, the Asian firm whose investment allowed Rex to launch capital city 737 flights in 2021.
Last month, 75.1 per cent of Virgin and VARA services arrived on time and 74.4 per cent departed on time, compared to 73.7 per cent and 73.1 per cent respectively for Qantas and QantasLink. Virgin also had the lowest cancellation rate of any airline at 0.6 per cent, according to BITRE data.
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