Malaysia Airlines technically bankrupt: new boss
The new boss of Malaysia Airlines has admitted the stricken carrier is "technically bankrupt" as he unveiled plans slash thousands of jobs to revive its fortunes.
June 2, 2015 By The Telegraph
Christoph Mueller, the former chief executive of bid target Aer Lingus, has been drafted in to turn around the state-owned airline after it was hit by two disasters last year. He faces a tough task, with the carrier facing difficulties even before flight MH370 mysteriously disappeared in March last year and MH17 was shot down over Ukraine four months later.
“We are technically bankrupt,” Mr Mueller said in his first public appearance since taking the helm last month. “The decline of performance started long before the tragic events of 2014.”
The airline confirmed that about third of jobs will be lost in the radical overhaul, which will see the pre-existing company cease operations in August and return as a slimmed down business with a new name. | READ MORE