Creditors owed millions of dollars after Rex Airlines went into voluntary administration are still in the dark about whether they will get their money back, despite a new owner being found for the embattled airline.

The regional carrier collapsed into voluntary administration last year before the federal government gave it a multi-million-dollar lifeline to keep its services operating.

Administrators confirmed on Tuesday evening that they had entered into a sale and implementation deed with Air T , a US-based air services company.

Air T did not respond to the ABC's request for an interview but confirmed in a statement that it expects to "close the deal" by the end of the financial year, pending creditor and other approvals.

"Air T will work to ensure Rex will continue to operate on a

See Full Page