The newly appointed chief executive of loss-making Malaysia Airlines 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, speaking 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. MH 370 disappeared shortly after takeoff. The aircraft still hasn’t been found. The official verdict on the …read more
Source: Business Insider
