Stricter cost reductionMalaysia Airlines is running out of money in November
The Malaysian national airline is running out of money. That is why Malaysia Airlines is asking lessors for significant discounts and is further cutting back its fleet and route network.
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In a letter to leasing companies, Malaysia Aviation Group has informed that it is unlikely to be able to make payments after November due to ongoing travel restrictions amid the Covid-19 pandemic. The airline no longer receives funding from the Malaysian sovereign wealth fund Khazanah Nasional, Reuters reports. The group therefore demands significant reductions in leasing rates.
The parent company of Malaysia Airlines confirmed on Friday (October 2) that an urgent restructuring is being carried out. All suppliers are being asked for discounts. Wages would also be reduced and the fleet as well as flight network would be downsized. If none of this works out, the establishment of a new national airline is also an issue for Malaysia. Malaysia Airlines already had financial problems before the Coronavirus crisis, but considered itself well on the way.
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