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Wed 3 Jun 2015 01:06 PM

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Malaysia Airlines declared 'technically bankrupt'

Malaysia Airlines is 'technically bankrupt', its new German CEO said, as he outlined plans to stabilise the failing flag carrier including 6,000 job cuts.

Malaysia Airlines declared 'technically bankrupt'
A Malaysia Airlines ground staff walks on the tarmac at the Kuala Lumpur International Airport in Sepang on June 1, 2015. Malaysia Airlines is 'technically bankrupt', its new German CEO said, as he outlined plans to stabilise the failing flag carrier including 6,000 job cuts. (AFP/Getty Images)
Malaysia Airlines declared 'technically bankrupt'
Malaysia Airlines new CEO Christophe Mueller addresses the media at the Malaysia Airlines Administration office in Sepang on June 1, 2015. Malaysia Airlines is 'technically bankrupt', its new German CEO said, as he outlined plans to stabilise the failing flag carrier including 6,000 job cuts. (AFP/Getty Images)
Malaysia Airlines declared 'technically bankrupt'
Police keep watch as family members of Chinese passengers from the missing Malaysia Airlines flight MH370 gather for a sit-in outside the Chinese foreign ministry building in Beijing on May 11, 2015, to demand the reopening of the service center in Beijing for families to get the latest information. The search area for flight MH370 will double in size to encompass a vast Indian Ocean corridor if wreckage remains elusive, Malaysia, Australia and China said recently, asserting their commitment to finding the plane. (AFP/Getty Images)
Malaysia Airlines declared 'technically bankrupt'
In this handout image provided by Australian Transport Safety Bureau (ATSB), debris is scattered on the seabed, 4000 metres below the surface of the Indian Ocean, believed to be from a previously unknown shipwreck, on May 11, 2015, 1000 kilometres off the coast of Western Australia. An underwater vehicle being towed by one of the search boats has detected debris on the bottom of the Indian Ocean in the search for missing Malaysia Airlines plane MH370, which disappeared on March 8 last year with 239 people on board while travelling from Kuala Lumpur to Beijing. (Getty Images)
Malaysia Airlines declared 'technically bankrupt'
In this handout image provided by Australian Transport Safety Bureau (ATSB), debris is scattered on the seabed, 4000 metres below the surface of the Indian Ocean, believed to be from a previously unknown shipwreck, on May 11, 2015, 1000 kilometres off the coast of Western Australia. An underwater vehicle being towed by one of the search boats has detected debri on the bottom of the Indian Ocean in the search for missing Malaysia Airlines plane MH370, which disappeared on March 8 last year with 239 people on board while travelling from Kuala Lumpur to Beijing. (Getty Images)
Malaysia Airlines declared 'technically bankrupt'
Australia's Deputy Prime Minister Warren Truss (L) shakes hands with Chinese Transport Minister Yang Chuantan (R) as Malaysia's Transport Minister Liow Tiong Lai (C) looks on after the MH370 joint press conference at a hotel in Kuala Lumpur on April 16, 2015. The search zone for missing Malaysia Airlines flight MH370 will be doubled if nothing is found in the huge undersea area now being scanned for wreckage, government officials from Malaysia, Australia and China said on April 16. (AFP/Getty Images)
Malaysia Airlines declared 'technically bankrupt'
A Dutch officer stands in front of the plane carrying the coffins with the last seven remains of Dutch victims of the MH17 plane crash, after it arrived at Eindhoven Airport in Eindhoven, on May 2, 2015. All 298 passengers and crew on board the Malaysia Airlines jetliner -- the majority of them Dutch -- died when the plane was shot down on July 17, 2014. (AFP/Getty Images)
Malaysia Airlines declared 'technically bankrupt'
Catherine Gang, whose husband is a missing passenger on Malaysia Airlines flight MH370 holds a sign as she and other relatives protest after trying to hold a prayer at the Lama Temple on March 8, 2015 in Beijing, China. There were 239 people on board the flight when it disappeared March 8, 2014 en route from Kuala Lumpur to Beijing. After one year and an exhaustive search, investigators still have no clue as to the whereabouts of the missing airliner. (Getty Images)
Malaysia Airlines declared 'technically bankrupt'
Ghyslain Wattrelos (C-glasses) holds a banner that reads, 'where is flight MH370' during a silent march towards the Elysee Palace in Paris with a petition signed by 18000 people, on the first anniversary of the disappearance of Malaysia Airlines flight MH370, on March 8, 2015. A new report released on the first anniversary said the battery on its black box locator beacon had expired, but shed no new light on the cause of the disaster. Wattrelos, lost his wife, two children and their Chinese friend on the flight which inexplicably veered from its Kuala Lumpur-Beijing route on March 8 of last year with 239 passengers and crew aboard. (AFP/Getty Images)