Malaysia Airlines restructuring talks prolonged, CEO tells staff

Malaysia’s national airline is seeking to restructure its business after the coronavirus pandemic forced it to slash its operations. (AFP)
Short Url
Updated 17 October 2020

Malaysia Airlines restructuring talks prolonged, CEO tells staff

  • Malaysia’s national airline is seeking to restructure its business after the coronavirus pandemic forced it to slash its operations

SINGAPORE: Malaysia Airlines’ parent firm is still holding negotiations with lessors and creditors over a restructuring plan to keep the airline afloat, but the talks are taking “longer than expected,” according to a staff memo seen by Reuters.
“The negotiations are still ongoing and taking longer than the planned timeline, but we are gaining encouraging traction from the lessors and creditors thus far,” Izham Ismail, CEO of Malaysia Airlines and group CEO of parent firm Malaysia Aviation Group, said in a memo to staff on Oct 16.
In response to a Reuters query, Malaysia Aviation Group, owned by state fund Khazanah, said in an email on Saturday that it is “continuing discussions with creditors on its ongoing restructuring exercise.”
Malaysia’s national airline is seeking to restructure its business after the coronavirus pandemic forced it to slash its operations.
Reuters reported last week that a group of lessors had rejected the restructuring plan that involved steep discounts, bringing the carrier closer to a showdown over its future.
In the memo to staff, Ismail assured them that Malaysian Aviation Group’s restructuring exercise “is still work in progress.”


US to sue Google in biggest antitrust case in decades

Updated 20 October 2020

US to sue Google in biggest antitrust case in decades

  • The move comes after months of investigations by federal and state antitrust enforcers

WASHINGTON: The US government was preparing to sue Google Tuesday in what would be the biggest antitrust case in decades, media reports said.
The Wall Street Journal and New York Times said the Justice Department suit will accuse the California tech giant of illegal monopoly behavior to preserve its dominance in Internet search and advertising.
The move comes after months of investigations by federal and state antitrust enforcers seeking to check the power of the massive technology firm and parallel probes into other giants such as Amazon, Facebook and Apple.
It was not immediately clear what remedy the government was seeking in the suit, which could take years to resolve. But it could force changes in business practices or break off segments of the Google empire.
The Justice Department had no immediate comment but scheduled a briefing for media later Tuesday. Google did not immediately respond to a request for comment.