March 23, 2020 / 2:19 AM / 15 days ago

BRIEF-Regional Express To Will Shut Down Public Transport Air Services In All States But Queensland

March 23 (Reuters) - Regional Express Holdings Ltd:

* IT WILL SHUT DOWN ITS EXPANSIVE REGULAR PUBLIC TRANSPORT AIR SERVICES IN ALL STATES, EXCEPT IN QUEENSLAND

* OPERATIONS TO CEASE WITH EFFECT FROM 6 APRIL 2020 UNLESS FEDERAL AND STATE GOVERNMENTS ARE WILLING TO UNDERWRITE LOSSES

* “THERE IS A TIPPING POINT IN AIRLINE BUSINESS BEYOND WHICH IT WILL NO LONGER BE SUSTAINABLE TO OPERATE REDUCED SERVICES”

* BELIEVES THAT WITH ONLY 20% OF OUR PASSENGER NUMBERS LEFT, WE HAVE REACHED “TIPPING” POINT

* REX GROUP DECIDED THAT QUASI SUSPENSION OF ALL SERVICES AT THIS STAGE PRESENTS BEST OPTION TO PRESERVE ITS CASH Source text for Eikon: Further company coverage: (Reuters.Briefs@thomsonreuters.com)

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