The newly appointed chief executive of loss-making Malaysia Airlines says the carrier is technically bankrupt, and has confirmed plans for a restructuring that will cut the company's workforce by a third.
Already squeezed into years of losses by stiff regional competition, the carrier was seriously affected last year by the loss of two jets in separate disasters.
Christoph Mueller has been hired by the carrier's owner, the Malaysian state fund Khazanah, to lead the restructuring.
Six thousand jobs will go, shrinking the airline's workforce to 14,000.
- Reuters -