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PETALING JAYA: Malaysia Airlines (MAS) is considering all options for radical changes to turn around the troubled airline but chief executive officer Ahmad Jauhari Yahya has denied talks with foreign airlines.
Ahmad Jauhari also refused to rule out drastic measures such as filing for bankruptcy or selling off some of its divisions.
"We're exploring all options and narrowing down to a select few. Once we finalised that obviously we will go back to the shareholders, inform them and obviously we will inform the rest of the world," he told reporters after the company's annual general meeting (AGM) here, today.
Asked whether the troubled airline would implement the proposed restructuring exercise within six to 12 months, Ahmad Jauhari said although the move was time critical, he did not want to put a timeline to it.
Meanwhile, chairman Tan Sri Md Nor Yusof said MAS was not in the stage to file for bankruptcy.
"You will consider bankruptcy if you are insolvent. We are not. You will consider bankruptcy if you cannot make the obligations, we are not in that stage," he said, adding that the group had RM3.8 billion cash flow.
MAS also should exploit and leverage its good assets such as MRO (maintenance, repair and overhaul) capability to have a significant impact on recovery rather than trying to earn cash, Md Nor added.
Earlier, Ahmad Jauhari said MAS had four real and tangible world-class assets -- products, services, engineering capabilities and safety track records -- that it could unlock and unleash their full value.
He said the only way to unleash the true value of all the assets was to have real set of radical change in the way the airline is operated and putting in sets of practices and systems that allow it to be competitive.
"While we finalise this plan, our focus remain to deliver world-class services and evolving the services," he said.
Going forward, MAS would continue with its fleet renewal programme and making sure it has the most efficient aircraft to fly.
"We are aggressively retiring old aircraft and make sure we fly to routes that make contribution to the bottom line," he added.
On shareholders call for the directors to resign, Ahmad Jauhari said: "The fact that the reappointment of directors resolution was passed by the shareholders, it's contradicting.
"You've got to read that, there are one or two very angry remarks but when we put it to vote, they passed the resolution".
During the five-hour AGM, MAS's shareholders approved all resolutions including the directors' fees, but all nine non-executive directors decided to return the total fees of RM396,000.
Sumber: Bernama | 25 Jun 2014
Ahmad Jauhari also refused to rule out drastic measures such as filing for bankruptcy or selling off some of its divisions.
"We're exploring all options and narrowing down to a select few. Once we finalised that obviously we will go back to the shareholders, inform them and obviously we will inform the rest of the world," he told reporters after the company's annual general meeting (AGM) here, today.
Asked whether the troubled airline would implement the proposed restructuring exercise within six to 12 months, Ahmad Jauhari said although the move was time critical, he did not want to put a timeline to it.
Meanwhile, chairman Tan Sri Md Nor Yusof said MAS was not in the stage to file for bankruptcy.
"You will consider bankruptcy if you are insolvent. We are not. You will consider bankruptcy if you cannot make the obligations, we are not in that stage," he said, adding that the group had RM3.8 billion cash flow.
MAS also should exploit and leverage its good assets such as MRO (maintenance, repair and overhaul) capability to have a significant impact on recovery rather than trying to earn cash, Md Nor added.
Earlier, Ahmad Jauhari said MAS had four real and tangible world-class assets -- products, services, engineering capabilities and safety track records -- that it could unlock and unleash their full value.
He said the only way to unleash the true value of all the assets was to have real set of radical change in the way the airline is operated and putting in sets of practices and systems that allow it to be competitive.
"While we finalise this plan, our focus remain to deliver world-class services and evolving the services," he said.
Going forward, MAS would continue with its fleet renewal programme and making sure it has the most efficient aircraft to fly.
"We are aggressively retiring old aircraft and make sure we fly to routes that make contribution to the bottom line," he added.
On shareholders call for the directors to resign, Ahmad Jauhari said: "The fact that the reappointment of directors resolution was passed by the shareholders, it's contradicting.
"You've got to read that, there are one or two very angry remarks but when we put it to vote, they passed the resolution".
During the five-hour AGM, MAS's shareholders approved all resolutions including the directors' fees, but all nine non-executive directors decided to return the total fees of RM396,000.
Sumber: Bernama | 25 Jun 2014
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