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Regional Express Airlines says it is preparing launch flights on routes between Sydney, Melbourne and Brisbane as a direct competitor to Qantas, Jetstar and Virgin Australia.
The routes will connect Australia’s three major cities known as “golden triangle” from March 1 next year.
The public listed regional airline says that it would raise $30 million either by selling and leasing back its Saab 340 turboprop aircraft, from an equity injection or by issuing convertible notes to execute on the idea it first floated in May.
Rex – which currently services about 60 regional destinations with a fleet of 60 ageing Saab 340 turbo propeller aircraft and have plans to use the cash to buy or leasing five to ten narrow body jet aircraft based in either Sydney or Melbourne.
The move will push the heavyweights to reconsider their strategies…