Posted on 08/07/2014 9:54:22 PM PDT by tcrlaf
Deeply troubled Malaysia Airlines will be de-listed and taken private ahead of a major restructuring following the double disasters of MH370 and MH17, under a proposal announced Friday by its majority shareholder.
State investment vehicle Khazanah Nasional, which owns 70 percent of the flag-carrier, said it would purchase all minority shares and finalise a restructuring plan by the end of the month.
The move confirmed growing speculation that Khazanah planned to completely take over Malaysia Airlines to strengthen its hand in addressing the free-falling carrier's mounting problems.
Khazanah said all stakeholders will need to work together to save the company via a "complete overhaul of the national carrier on all relevant aspects ... (including) the airline's operations, business model, finances, human capital and regulatory environment."
(Excerpt) Read more at news.yahoo.com ...
It has long been a political creature, as most State-owned airlines are, as well.
Seems they intend to declare BK, and completely redo the airline, as completely state-owned.
I wonder what the folks at AirAsia think about this?
“free-falling carrier’s”
Talk about a horrible choice of words!
lol
They had a lot of debt and probably was too overextended.
New company slogan “We love to land and it shows”
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