KUALA LUMPUR (REUTERS) - The newly appointed chief executive of
loss-making Malaysia Airlines (MAS) said on Monday that the carrier
is "technically bankrupt", as he announced plans for a
restructuring that will cut the company's workforce by a third.
"We are technically bankrupt...the decline of performance started
long before the tragic events of 2014," Christoph Mueller said at a
news conference.
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.
Mueller was making his first public appearance as CEO since being
hired last month by the carrier's owner, Malaysian state fund
Khazanah, to lead the restructuring.
ST