As many as 360 workers sacked at Rex with hundreds more jobs to go

There is speculation Asia-based private equity firm PAG, which had funded the expansion of Rex Airlines, could become its new owner out of administration. Photograph: Mick Tsikas/AAP

As many as 360 staff at Rex Airlines have been sacked already and hundreds more are on the chopping block after administrators were called in to run the embattled carrier, with remaining staff told they may not get paid until a new buyer is found.

It comes amid speculation that Asia-based private equity firm PAG, which funded Rex’s $150m expansion to jet operations, was considering becoming the airline’s new owner out of administration.