| Malaysia Airlines majority shareholder, Khazanah Nasional Berhad, has outlined its proposed 12-point restructuring plan aimed at developing a new, profitable, market-driven airline by 2017. The announcement came just a day after Malaysia Airlines posted a second-quarter net loss of MYR305.7million (USD95.1million) exacerbated by the MH17 and MH370 tragedies.
"At its core, the plan involves the creation of a new company (“NewCo”), which will house the “New MAS” and the migration of the right-sized workforce and work practices and contracts into the NewCo," the Malaysian sovereign wealth fund said. "It also includes details of the strict conditionality attached to restructuring into current MAS and further Khazanah investment into NewCo, amounting to up to MYR6billion (USD976.67million) on a staggered and conditional basis over a three-year period."..............................................Full Article: Source
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