Malaysia Airlines axes 6,000 staff after being hit by two flight disasters this year

The impact on Malaysia Airlines from the disappearance of MH370 and shooting down of MH17 has forced it to cut 6,000 jobs. The tragedies - in March and July respectively - compounded long-running losses at the airline which prompted it to confirm a restructuring of its business. It said 30% of its workforce would go under the plans, which would also see the company going into private hands again for a minimum of three years. Its majority owner, the Khazanah Nasional state fund, said Malaysia would be taken off the stock market by the end of the year so it could undergo the painful changes - with the bill estimated at $1.9bn (£1.15bn). Khazanah forecast a return to profitability within three years of its de-listing.

Recent tragic events and ongoing difficulties at Malaysia have created a perfect storm that is allowing this restructuring to take place.

Azman Mokhtar, managing director of Khazanah Nasional, the majority owner Malaysia Airlines

A search for a new CEO is underway but there is no move to change the airline’s name, which some branding experts had said was necessary for a successful makeover.