some turbulence here Captain:

What on earth is going on with the Rex share price today? (fool.com.au)

Rex share price paused as rumors swirl

It looks as though the "news article" that Rex is referencing might be an article published in The Australian on Saturday.

This article alleges that Rex may have "invited a turnaround team from Deloitte to rifle through its books and try to stop the proverbial plane from crashing into the mountain". This comes after what has reportedly been an unsuccessful attempt to expand into providing flights between Sydney, Melbourne and Brisbane.

The article goes on to allege that "Deloitte's partners are in a fever attempting a restructure solution as a rescue package. That too, we hear, is teetering towards failure".

This is the second trading halt in as many months that the Rex share price has gone through. Back in June, we covered the trading halt that was implemented following the release of some updated financials from the airline.

After initially forecasting an operationally profitable FY2024, Rex revealed that it now expects to book a $35 million loss. The company blamed a "global shortage of pilots and engineers, along with supply chain shocks post-COVID" for that downgrade.

So, we'll have to wait for Rex's response to the article's assertions later this week to find out what's going on. But there's little doubt that Rex shareholders will not welcome these developments.

At the last Rex share price of 56 cents, the company was nursing a year-to-date loss of 22.52%. That's in addition to a 50% cut from where the shares were this time in 2023.

Let's see what happens when the airline returns to trading.