Malaysia Airlines 'Technically Bankrupt' After Two Air Disasters

Malaysia Airlines is "technically bankrupt" its CEO said on Monday as it discussed major restructuring plans, including the sale of aircraft and job cuts.
However the new CEO of Malaysia Airlines said the ailing carrier could break even by 2018 after cutting staff, selling surplus aircraft and refurbishing its international fleet.
Christoph Mueller said the airline is trying to sell two of its A380 super jumbo jets and has gone ahead with its previously announced plan to cut 6,000 of its 20,000 staff.
The remaining 14,000 employees have been offered jobs in a new company being set up to take over the legacy Malaysia Airlines business.
The former CEO of Ireland's Aer Lingus told a press conference that Malaysia Airlines can remerge as Southeast Asia's leading airline.
It is being kept alive by an injection of funds from a Malaysian government sovereign wealth fund after double disasters in 2014 dealt a fatal blow to its already struggling business. The Malaysian parliament passed a law allowing the airline to be restructured under Chapter 11-style bankruptcy protection.



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