(MENAFN) Malaysia Airlines new German CEO said that it is "technically bankrupt", as the carrier cut 6,000 jobs as part of plans to recover from deadly disasters and a long run of red ink, Oman Observer reported.
The newly-hired CEO announced a number of new measures for the struggling flag carrier for the first time since the aviation turnaround specialists who was brought in on May 1 to save it from collapse.
They include the thousands of job slashes, expected but made official this week, a trimmed route network, a revamped brand image and an overhaul of the company's organization and operations.
"We are technically bankrupt and that decline of performance started long before the tragic events of 2014," the new CEO said, referring to a couple of disasters that hit the loss-making airline last year.
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