Page 4 - AAA MAY - JUNE 2015 Online Magazine

THE AERIAL VIEW

EDITOR’S NOTE CREDITS

Captain Courageous! Editor
Vittorio Rossi Prudente
vittorio.prudente@gbp.com.sg
It takes more than sheer guts for a management official to declare that the Associate Editor
company he is heading is slipping into deep financial crisis. The new chief Jay Menon
jay.menon@gbp.com.sg
executive of Malaysia Airlines, Christoph Mueller, on June 1 just did that, when
he conceded that the airline, which has been saddled with debts for several years Operations Director
Siva Sachi
now, even before the twin tragedies of MH370 and MH17, is “technically bankrupt”. siva.sachi@gbp.com.sg
Art Director
That was Mueller’s first public appearance as chief executive since being Arthur Chan
arthur.chan@gbp.com.sg
hired by the carrier’s owner-Malaysian state fund Khazanah Nasional.
Web Director
Elmer Valencia
Even before its ill-fated 2014, the airline had been losing money to elmer.valencia@gbp.com.sg
the tune of $1.3 billion over the last three years, despite previous Circulation Manager
restructuring plans and billions of dollars in financial lifelines from Khairul Naem
khairul.naem@gbp.com.sg
the government. The company hadn’t turned a profit since 2008.
The state-owned airline was pulled from the stock market and taken ADvERTISINg CONTACTS:
private by Khazanah Nasional, Malaysia’s sovereign wealth fund, marketing@gbp.com.sg
which eventually revealed a $1.8 billion restructuring plan. Europe – Canada and all other countries:
Global Communications sas
Tel: +39 049 723548
Now, the airlines is nearly completing its tough restructuring plan, which will Helen@global-communications.it
include cutting about one-third of its workforce and starting afresh. As Mueller USA
points out, “It’s not a continuation of the old company in a new disguise, everything Contact: Josh Mayer
is new.” The layoff, expected very soon, is estimated to affect 6,000 out of 20,000 Tel : +1 972 816-6745 Fax : +1 972 767 4442
Email : jm@mayeradvertising.com
staff, though reports are now suggesting the figure could be closer to 8,000.
Israel
Contact: Tamir Eshel
Despite this, the airline’s “operations are very much Tel : + 972 544 508 028 / +972 989 117 92
business as usual,” Mueller says. Fax : +972 989 199 65
Email : eshel_tamir@yahoo.com
China
Malaysia Airlines faces an uphill battle when it comes to restoring Contact: Xu Yixin 徐一新
its image. After losing two jumbo jets in four months, the airline Mob: +8613811688955
Tel: 86-10-58354055 / Fax: 86-10-84043033
has unfortunately become a synonym for aviation tragedy. E-mail : xuyixin@cannews.com.cn
South East Asia
The question remains, whether the airline can restore the lost confidence among Contact: Siva Sachi
the public and fly back to provide superior and secure service in the sky. Mob: +6012-905 6825
E-mail : siva.sachi@gbp.com.sg
JAY MENON
Associate Editor
global Business Press Pte. Ltd.
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