The carrier has been in administration for more than a year.

“Renaissance Partners wants to bail out Rex, keep the current regional services, pay back the Commonwealth’s current investment and protect more than 1000 jobs.

The consortium’s chief executive Andrew Cochrane says Canberra and Darwin would become hub airports for the airline, but it’s up to the federal government to approve the deal.

In a statement, the consortium says the government has received a binding offer from Renaissance Infrastructure to fully repay all taxpayer investments, maintain vital regional services, protect more than 1000 jobs and pave the way for unsecured creditors’ full recovery by 2028.

“The offer also ensures Rex stays Australian-owned, is relisted on the ASX and is refreshed so to have a sustainable long-term future without further public bailouts,” the statement says.