Regional airline Rex has a US buyer, administrators have confirmed.

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The announcement on Tuesday evening comes more than a year after the airline entered voluntary administration.

Air T - which operates a number of aviation businesses in the US - has entered a sale and implementation deed with EY, the administrators of Rex.

"The sale and implementation deed is subject to customary conditions precedent for a transaction of this type including receipt of regulatory approvals and approval by creditors," the administrators' announcement said.

The estimated return to the airline's creditors is being determined.

No return to shareholders is expe

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