Malaysia Airlines to slash 6000 jobs

The revamp and new investment in the carrier will cost about 6 billion Malaysian ringgit ($1.9 billion).

Malaysia Airlines will cut 6,000 of its 20,000 jobs as part of a major overhaul, the company said on Friday.

The outline restructuring plan was announced by state sovereign fund Khazanah Nasional Berhad, which is aiming to buy up all remaining shares to delist the company by the end of the year.

The restructuring should see a re-launch by July, and a return to profit by the end of 2017, Khazanah said. The 12-point plan would include an infusion of 6 billion ringgit (1.90 billion dollars).

“The combination of measures announced today will enable our national airline to be revived,” Khazanah managing director Azman Mokhtar said in a statement.