Regional Express Holdings (ASX:REX) completed the assignment of a portion of its debt to the Commonwealth of Australia, according to a Thursday filing with the Australian bourse.

With the consent of the administrators, the Commonwealth will acquire AU$50 million of the debt currently owed by Rex to PAGAC Regulus Holdings (PAG), a separate filing showed.

As a result, the Commonwealth becomes the largest secured creditor of the Rex Group, while PAG remains a minority secured creditor, the filing said.