Malaysia Airlines has announced that it is “technically bankrupt” and will be cutting over a quarter of its workforce.
However, chief executive Christoph Mueller said the “the decline of performance started long before the tragic events of 2014,” in a news conference.
“We are technically bankrupt,”he added.
Mueller concluded that the troubled firm has offered jobs to 14,000 of its 20,000 members of staff. He failed to comment on whether the restructure would spark the rumoured rebrand of the airline.