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Malaysia Airlines 'technically bankrupt' Malaysia Airlines 'technically bankrupt'
(35 minutes later)
Malaysia Airlines is "technically bankrupt", its chief executive has said, as he announced a restructuring programme and plans to cut around 6,000 jobs.Malaysia Airlines is "technically bankrupt", its chief executive has said, as he announced a restructuring programme and plans to cut around 6,000 jobs.
The announcement follows the twin air disasters which forced its government rescue last year.The announcement follows the twin air disasters which forced its government rescue last year.
The airline said it had "offered jobs" to 14,000 of its 20,000 workforce.The airline said it had "offered jobs" to 14,000 of its 20,000 workforce.
The move was expected and follows the appointment of new chief executive Christoph Mueller in May.The move was expected and follows the appointment of new chief executive 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.""We are technically bankrupt," Mr Mueller told a news conference. "The decline of performance started long before the tragic events of 2014."
In March last year, Malaysia Airlines flight MH370 disappeared with 239 passengers and crew aboard. The plane is still missing.In March last year, Malaysia Airlines flight MH370 disappeared with 239 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 298 passengers and crew.Four months later, flight MH17 was shot down by a suspected ground-to-air missile while in Ukrainian airspace, with the loss of 298 passengers and crew.
The twin air 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.The twin air 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.
Mr Mueller was making his first public appearance as chief executive since being hired by the carrier's owner, Malaysian state fund Khazanah, to lead the restructuring.Mr Mueller was making his first public appearance as chief executive since being hired by the carrier's owner, Malaysian state fund Khazanah, to lead the restructuring.
He has previously led the recoveries of Ireland's Aer Lingus, Belgium's Sabena and Germany's Lufthansa airlines. Famed for slashing jobs at the airlines, he has earned the nickname "the Terminator".He has previously led the recoveries of Ireland's Aer Lingus, Belgium's Sabena and Germany's Lufthansa airlines. Famed for slashing jobs at the airlines, he has earned the nickname "the Terminator".
The airline had previously disclosed plans to cut 6,000 jobs, shrinking its workforce to 14,000. Malaysia Airlines had previously disclosed plans to cut 6,000 jobs, shrinking its workforce to 14,000.
Mr Mueller said the airline could not expect that 100% of the job offers it had made would be accepted. He said this was because the airline expected staff to have received offers from rival airlines.Mr Mueller said the airline could not expect that 100% of the job offers it had made would be accepted. He said this was because the airline expected staff to have received offers from rival airlines.
"We will embark on a second round in two weeks time and that will allow others to accept our offers and that may change the numbers," he added. "We will embark on a second round in two weeks' time and that will allow others to accept our offers and that may change the numbers," he added.
Under Mr Mueller's leadership Malaysia Airlines plans to rebrand on 1 September. Under Mr Mueller's leadership, Malaysia Airlines plans to rebrand on 1 September.
The airline's immediate priority is to "stop the bleeding" in 21015, it said. The airline's immediate priority is to "stop the bleeding" in 2015, it said.
It hopes then to stabilise next year, and seek to start growing again by 2017.It hopes then to stabilise next year, and seek to start growing again by 2017.
To achieve those aims it will reduce staff and "rationalise route systems," which was likely to lead a reduction in costly routes to Europe and lead to a greater focus on regional routes.To achieve those aims it will reduce staff and "rationalise route systems," which was likely to lead a reduction in costly routes to Europe and lead to a greater focus on regional routes.
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