Rex entered voluntary administration on 30 July with an estimated debt of around $500 million and has 4800 creditors, among which includes some of its hard-hit staff, who now have to wait even longer before getting paid.
In a notice to creditors, ey stated: "Whilst it remains the Administrator's intention to convene the meetings of creditors of the Rex Group at the first opportunity, it is our current view that the greatest return to creditors is likely to be derived from a sale or recapitalisation of the business as a going concern. - More time is required to achieve such an outcome. We expect to have a more informed view as to what time is required in the next two weeks."
Early indications are that two 'large' companies are said to be 'somewhat' interested in taking on part of the Rex Group, however, nothing has been announced thus far and any negotiations would be at a preliminary stage.