Malaysia Airlines to cut 6,000 staff in massive restructure
Published 29/08/2014 | 08:41
Malaysia Airlines is to cut 6,000 staff as part of a recovery plan after being hit by two passenger jet disasters.
The carrier will cull 30pc of its 20,000 workforce as part of a massive restructuring operation. The airline said its net loss widened to 307 million ringgit (€74m) in the second quarter.
It will be taken completely under the wing of the Malaysian government and a state investment company, Khazanah Nasionalm, which will be de-listed from the Kuala Lumpur exchange by the end of 2014.
Ahmad Jauhari Yahya will stay on as chief executive of the airline until July 2015.
Khazanah said it aims to return the airline to profitability within three years of its de-listing, and plans to re-list the carrier in three to five years from now.
Meanwhile investigators are continuing to search the southern Indian Ocean for Flight 370, which veered far off-course while en route from Kuala Lumpur to Beijing on March 8 with 239 people on board.
Last month, 298 people were killed when Flight 17 was shot out of the sky as it flew over an area of eastern Ukraine controlled by pro-Russian separatists.