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Administrator EY Australia announced on Tuesday evening that the airline will be bought by American firm Air T, a deal which had been all but confirmed by reporting in the Sydney Morning Herald earlier this week.
Official BITRE figures released for last financial year showed that Qantas Group beat Virgin Australia overall on both on-time arrivals and on-time departures, but that Virgin had the highest completion rate of the major airlines.
Flight JQ88 took off from Newcastle shortly before 10am on Tuesday aboard the A321neo LR VH-OFL, having landed as JQ89 from Denpasar just after 7:30am. Flights will operate three times per week, bringing more than 70,000 seats per year between Bali and the NSW Hunter region.
The Herald has reported that “sources with knowledge of the deal”, who cannot speak publicly, said the announcement – alongside the terms of the buyout – could be made as early as this week after Air T agreed to the deal first rumoured to be in the works last month.
The Flying Kangaroo, one of two passenger airlines operating flights to Devonport alongside Rex, will upgrade its lounge at the regional airport as part of the agreement. QantasLink currently flies 46 times per week between Devonport and Melbourne using Dash 8 Q400s.
Joshua Wander, co-founder of collapsed Miami-based investment firm 777 Partners, is accused of wire fraud and securities fraud as well as conspiracy to commit both, while former CFO Damien Alfalla last week pleaded guilty and is cooperating with the US government.
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