Malaysia Airlines submits new turnaround plan to state owner

Malaysia Airlines is seeking approval for a revised turnaround plan aimed at better aligning its business strategy and fleet to address financial and market challenges. The airline submitted its proposed plan to Khazanah Nasional Berhad, the government’s sovereign wealth fund, MAB CEO Izham Ismail said in Seoul. Khazanah became the sole owner of MAB following a government bailout in 2014. The carrier has been following a multiyear turnaround plan since the takeover but has not met targets for a return to profitability. The government has voiced its frustration with the airline’s progress, and Prime Minister Mahathir Mohamad has said he is considering a range of options, including refinancing or selling the carrier. Izham and his team began working on the revised plan late last year and held discussions with Khazanah. Izham said he expressed concerns that the airline would have difficulty restoring its financial health “in its current form, in the current market.”<br/>