Malaysia Airlines restructuring talks prolonged, CEO tells staff

In this news, we discuss the Malaysia Airlines restructuring talks prolonged, CEO tells staff.

SINGAPORE (Reuters) – The parent company of Malaysia Airlines is still negotiating with donors and creditors a restructuring plan to keep the airline afloat, but talks are taking “longer than expected”, according to a note service seen by Reuters.

“Negotiations are still ongoing and taking longer than expected, but we are gaining encouraging traction from donors and creditors so far,” said Izham Ismail, CEO of Malaysia Airlines and CEO of the group. from parent company Malaysia Aviation Group, in a note. to staff on October 16.

In response to a question from Reuters, Malaysia Aviation Group, owned by state fund Khazanah, said in an email on Saturday that it was “continuing discussions with creditors over its ongoing restructuring exercise.”

The Malaysian national airline is looking to restructure its business after the coronavirus pandemic forced it to scale back operations.

Reuters reported last week that a group of donors had rejected the restructuring plan which involved deep discounts, bringing the carrier closer to a showdown over its future.

In the memo to staff, Ismail assured them that the Malaysian Aviation Group restructuring exercise “is still ongoing”.

Reporting by Anshuman Daga; Editing by William Mallard, Kirsten Donovan

Original © Thomson Reuters

Originally posted 2020-10-17 07:36:10.

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