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FORMER AER LINGUS chief Christoph Mueller has declared Malaysia Airlines “technically bankrupt” as he swings the axe at the Asian carrier he now heads.
The airline’s new chief executive, who took over the job in May, today unveiled plans to turn around the stricken company after two fatal disasters and years of rid ink.
“We are technically bankrupt and that decline of performance started long before the tragic events of 2014,” Mueller said.
“The restructuring process will start today with a hard reset.”
The Malaysia Airlines overhaul will include shedding 6,000 jobs and trimming its route network, among other measures. The job cuts represent 30% of the company’s workforce.
Air disasters
The airline had been in financial trouble for years with its running costs significantly higher than those of rivals, a factor aviation analysts have partially blamed on Malaysia’s contract-awarding systems being rife with cronyism.
But it was the loss of two planes last year that pushed the carrier to the brink of ruin with only a takeover from the Malaysian sovereign wealth fund saving it from collapse.
In March flight MH370 vanished with 239 on board, while in July flight MH17 crashed in Ukraine with 298 on board after apparently being shot down with a surface-to-air missile.
Mueller, the first non-Malaysian boss at the airline in its 69-year history, flagged a name change as one of the options being considered to give the carrier a “new start” in markets where its brand was now “particularly tarnished”.
He was given the nickname ‘The Terminator’ during his time at Aer Lingus, where he oversaw widespread cuts as he swung the airline back into profit after two years of deep losses.
The government last week cleared the way for Aer Lingus to be sold to the IAG conglomerate in a deal valuing the airline at about €1.35 billion.
- With AFP
Weekly Islamic terror attacks which target Western nations and Christian communities in the Arab world. Thank your local multi cult liberal. They were warned time and time again, but nope they wouldn’t listen. They always have and will continue to stick their fingers in their ears, and scream racist at any opposition to the open border liberal agenda.
Was only thinking this yesterday but does Grafton street even have any bollards to prevent a truck from mowing down pedestrians? From my knowledge I don’t think it does. I know the threat level here is not likely but it wouldn’t hurt to put something in place.
@Greg Cavey:
That would need some forward thinking on behalf of our politicians etc, they are not exactly known for that in fairness.
Both Grafton and Henry St have easy access from main roads with heavy traffic, no bollards as far as I’m aware either, a disaster waiting to happen.
@CatManDo: all religion poisons the minds of mankind.
@Greg Cavey: people over here were convinced the threat was almost non existent up til friday.
I think he should do life in Uzbekistan not Sweden. Swedish jail would be too nice for him.
@Catmando…Well said Cat, accurate and perfectly captures the reality. These guys will look back in years to come and wonder just why it was so easy take over Europe.
Then they will recall actually being invited in…in their droves…
Someone needs to asked the Swedish Police why was the terrorist not detained and deported when his residency application was rejected in the first place.
The knife Jihad that occurred in an IKEA store in Sweden 2015, well that terrorist faced deportation too.
@Lepanto: Not the polices fault. Fault lies with the govt. The policy is to tell people they are being deported weeks before they are! So most run away (well duh) when the police arrive on the date set by migration, they are long gone. head of Migration has a lot to answer for. Same idiot who let I thousands of people unchecked 2 years ago.
@iMoan Brutal: yeah I think a late night raid would be a better job and the satisfaction of ripping the Tossers from they’re beds and landing them
On the next plane to whatever dive they came from.
Go dtachtóidh an diabhal é.
Perhaps it’s harse but anyone on a police watch list for Jahadi sympathies….Who is a asylum seeker and not a EU citizen should be deported immediately…..France has several thousand such peoole they should all be deported…If needed their home muslim countries should be paid to take them back….
Trump is a genius with very special foresight. Didn’t he say a month or so back “did you see what happened in Sweden last night”?
have your say