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CORRECTED-Khazanah says plans "complete overhaul" of Malaysia Airlines
August 8, 2014 / 4:07 AM / 3 years ago

CORRECTED-Khazanah says plans "complete overhaul" of Malaysia Airlines

(Removes reference to 6-12 months timeframe for restructuring)

KUALA LUMPUR, Aug 8 (Reuters) - Malaysia’s state investor Khazanah said in a statement on Friday that it was proposing a “complete overhaul” of Malaysia Airlines (MAS) and would announce further details at the end of August.

Khazanah said its nearly 1.4 billion ringgit offer to take MAS private, announced on Friday, is the first stage of the restructuring scheme.

Khazanah said it will need cooperation from all parties to undertake the restructuring, covering the airline’s operations, business model, finances, staff and the regulatory environment.

“Nothing less will be required in order to revive our national airline to be profitable as a commercial entity, and to service its function as a critical national development entity,” it said. (Reporting By Al-Zaquan Amer Hamzah; Editing By Stuart Grudgings)

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