KUALA LUMPUR, Malaysia (AP) – Malaysia Airlines will cut 6,000 workers as part of an overhaul announced Friday to revive its damaged brand after being hit by double passenger jet disasters.
The staff reduction represents about 30 percent of its current workforce of 20,000.
Khazanah Nasional, the state investment company that owns 69 percent of the airline, said the overhaul includes the establishment of a new company that will take over the existing Malaysia Airlines business and its reduced staff.
The overhaul and new investment in the carrier will cost about 6 billion Malaysian ringgit ($1.9 billion).
The airline will be taken completely under the wing of the government. Khazanah previously announced that it plans to take 100 percent ownership.