MULTIZ321
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Malaysia Steps In to Save Its Reeling National Airline - by Jad Mouawad/ International Business/ The New York Times.com
"Malaysia Airlines was struggling with growing losses, debt and a troubled business model well before the loss of two of its airplanes this year.
Faced with competition from low-cost Asian carriers as well as pressure from the high-end airlines of the Persian Gulf, Malaysia Airlines had been losing money in the last three years. Tense labor relations and a bureaucratic management culture had stymied earlier efforts to reform the airline despite more than $1 billion in government investment in the last decade.
On Friday, the Malaysian government, signaling that the embattled airline remained a strategic asset, announced that it would take full control of the company through a stock buyback and restructure its operations in an attempt to restore confidence in the flagging business..."
A Malaysia Airlines plane parked at Kuala Lumpur International Airport. The government said the airline would be restructured. Credit Ahmad Yusni/European Pressphoto Agency
Richard
"Malaysia Airlines was struggling with growing losses, debt and a troubled business model well before the loss of two of its airplanes this year.
Faced with competition from low-cost Asian carriers as well as pressure from the high-end airlines of the Persian Gulf, Malaysia Airlines had been losing money in the last three years. Tense labor relations and a bureaucratic management culture had stymied earlier efforts to reform the airline despite more than $1 billion in government investment in the last decade.
On Friday, the Malaysian government, signaling that the embattled airline remained a strategic asset, announced that it would take full control of the company through a stock buyback and restructure its operations in an attempt to restore confidence in the flagging business..."
A Malaysia Airlines plane parked at Kuala Lumpur International Airport. The government said the airline would be restructured. Credit Ahmad Yusni/European Pressphoto Agency
Richard