- POSTED: 11 Aug 2014 16:51
- UPDATED: 11 Aug 2014 19:34
Malaysia Airlines' leadership met with representatives of its employee unions and other associations on plans for restructuring the troubled carrier. Details of the airline's future "will be forthcoming", it said on Monday (Aug 11).
KUALA LUMPUR: Malaysia Airlines' (MAS) leaders have met representatives of its employee unions and other associations on the restructuring of the troubled carrier.
In a statement on Monday (Aug 11), MAS said this is the first step in informing and engaging staff on the overhaul, with details of the airline’s future “forthcoming”. "As noted by the Prime Minister last week, this is going to be a long process which will require all parties to come together if the restructuring is to succeed," MAS said.
Malaysia’s state investment fund Khazanah Nasional announced last Friday that it will take over the airline, ahead of a complete overhaul. Khazanah said it intends to de-list the company, purchase all minority shares and finalise a restructuring plan by the end of the month.
The planned takeover follows the double disasters of flights MH370 and MH17. MH370 disappeared in March with 239 people on board when it was travelling from Kuala Lumpur to Beijing. No trace of the plane has been found. On Jul 17, MH17 was shot down over Ukraine, killing all 298 people on board.
The national carrier has been haemorrhaging cash for years as it struggled to cope with industry competition.