Malaysia Airlines 'Technically Bankrupt'
Malaysia Airlines is "Technically Bankrupt", its Chief executive has said, as he announced a restructuring programme and plans to cut more than 6000 Jobs. The announcement follows the twin Air disasters which forced its nationalisation last year.
The Airline said it had Offered Jobs to 14000 of its 20000 Workforce. The move was expected and follows the appointment of new Chief Executive Officer Mr Christoph Mueller in May. "We are Technically Bankrupt," Mr Mueller told a news conference. "The decline of performance started long before the tragic events of 2014."
The Airline is operating as normal and no Flights are currently affected.
In March last year, Malaysia Airlines Flight MH370 disappeared with 240 passengers and crew aboard. The plane is still missing.
Four months later, Flight MH17 was shot down by a suspected ground-to-Air missile while in Ukrainian Airspace, with the loss of 300 passengers and crew.
The two disasters proved to be the final straw for the already struggling business, which had reported losses for several years as a result of strong regional competition.
Malaysia Airlines is "Technically Bankrupt", its Chief executive has said, as he
Malaysia Airlines CEO says carrier "Technically Bankrupt", set to cut Jobs, routes
Malaysia Airlines 'Technically Bankrupt', new CEO says More news for Malaysia Airlines Bankrupt Malaysia Airlines 'Technically Bankrupt' -
Malaysia Airlines is "Technically Bankrupt", its Chief executive has said, as he announced a restructuring programme and plans to cut about ...
Malaysia Airlines Is 'Technically Bankrupt'
Eesha Rohida [ MBA Mktg ]
Aviation News Editor