Editing Malaysia Airlines (section)

===2011–2014: Third unprofitability, 2014 aircraft losses, bankruptcy===
[[File:9M-MNA A380 Malaysian (33208859794).jpg|thumb|left|A former Malaysia Airlines [[Airbus A380-800]], which entered the fleet in 2012.]]
MAS recorded a net loss of RM2.52 billion in 2011, which was the largest in its company history, due to rising fuel costs.<ref>{{cite news |title=Malaysia Airlines shares dip on 2011 loss |publisher=BBC News |date=1 March 2011 |url=https://www.bbc.co.uk/news/business-17216510|access-date=7 August 2014}}</ref> A major restructuring led to the appointment of a new CEO, Ahmad Jauhari Yahya, in September 2011. One of the first initiatives to stop the losses was a rationalisation of the network. The company suspended services to [[Surabaya]], [[Karachi]], [[Dubai]], [[Dammam]]<ref>{{cite news |last1=Zaheer |first1=Farhan|title=Pack up: Malaysia Airlines calls it quits in Pakistan |work=The Express Tribune |date=11 January 2012 |url=http://tribune.com.pk/story/319485/pack-up-malaysia-airlines-calls-it-quits-in-pakistan-business/ |access-date=7 August 2014}}</ref> and [[Johannesburg]].

With the delivery of the Airbus A380-800, the airline has also begun to retire its remaining [[Boeing 747-400]]s in 2012.<ref>{{cite news | url=https://www.businesstraveller.com/news/2012/07/24/malaysia-airlines-to-retire-last-b747-in-november/| title=Malaysia Airlines to retire last B747 in November}}</ref> Also retired were the older generation [[Airbus A330]]s and [[Boeing 737-400]]s by the end of 2014.<ref>{{cite news | url=https://www.nst.com.my/news/2015/09/mas-bids-farewell-boeing-737-400-after-22-years-service| title=MAS bids farewell to Boeing 737-400 after 22 years of service}}</ref>

In February 2013, MAS reported a net profit of RM51.4 million for the fourth quarter. The airline's improved financial performance that year was mainly attributable to its route rationalisation programme, which had an overall 8% reduction in ASK. This was matched by a marginal 1% reduction in revenue to RM13.76bil in 2012 and seat factor holding at 74.5%. The reduced ASK also helped MAS register a corresponding 14% decrease in expenditures.<ref>{{cite news |last=Kok |first=Cecilia |date=1 March 2013 |title=MAS swings back to black, reports net profit of RM51.4mil for Q4 |newspaper=[[The Star (Malaysia)|The Star]] |url=http://biz.thestar.com.my/news/story.asp?file=/2013/3/1/business/12777485&sec=business |access-date=4 March 2013}}</ref>

The airline struggled to cut costs to compete with a wave of new, low-cost carriers in the region. The airline lost RM443.4&nbsp;million (US$137.4&nbsp;million) in the first quarter of 2014.<ref name="MAS Q1 financial report" /> The second quarter—the first in the aftermath of the [[Malaysia Airlines Flight 370|disappearance of Flight 370]] – had a loss of RM307.04&nbsp;million (US$97.6&nbsp;million), which represented a 75% increase over losses from second-quarter 2013.<ref name="Q2 losses-NYT">{{cite news |title=Malaysia Airlines Financial Losses Grow |work=[[The New York Times]] |agency=Reuters |date=29 August 2014 |url=https://www.nytimes.com/2014/08/29/business/malaysia-airlines-financial-losses-grow.html?_r=1|access-date=30 August 2014}}</ref> As a result, MAS has not made a profit since 2010.<ref name="Q2 losses-NYT" /> In the previous three years, the airline had booked losses of RM1.17&nbsp;billion ($356&nbsp;million) in 2013, RM433&nbsp;million in 2012, and RM2.5&nbsp;billion in 2011.<ref name="WSJ-MASfinancial">{{cite news |last1=Raghuvanshi|first1=Gaurav|last2=Ng|first2=Jason|title=Malaysia Airlines Says Priority Is Families of the Missing, Though Ticket Sales Fall |website=The Wall Street Journal |date=6 April 2014 |url=https://online.wsj.com/news/articles/SB10001424052702303532704579483060366249526 |access-date=3 July 2014}}</ref> Industry analysts expect MAS to lose further market share and face a challenging environment to stand out from competitors while addressing their financial plight.<ref name="WSJ-MASfinancial" /> The company's stock, down as much as 20% following the disappearance of Flight&nbsp;370, had fallen 80% over the previous five years, which contrasts with a rise in the Malaysian stock market of about 80% over the same period.<ref name="NYT-MASfinances" />
A month after the disappearance, CEO Ahmad Jauhari Yahya acknowledged that ticket sales had declined, but did not provide details. This may have partially resulted from the suspension of the airline's advertising campaigns following the disappearance. In China, where the majority of Flight 370 victims were from, bookings on Malaysia Airlines were down 60% in March.<ref name="NYT-MASfinances">{{cite news |title=Flight's Disappearance Knocks Malaysia Airlines |date=15 May 2014|url=https://www.nytimes.com/2014/05/16/business/international/flights-disappearance-knocks-malaysia-airlines.html?_r=1 |website=The New York Times|access-date=3 July 2014}}</ref> He said he was not sure when the airline could start repairing its image, but that the airline was adequately insured to cover the financial loss stemming from the incident.<ref name="MAS Q1 financial report">{{cite web |title=Malaysia Airlines Records RM443 million Loss for Q1 2014 |date=15 May 2014 |url=http://www.malaysiaairlines.com/my/en/corporate-info/press-room/latest/malaysia-airlines-records-rm443-million-loss-for-q12014.html |publisher=Malaysia Airlines |access-date=3 July 2014 |quote=Much of the costs associated by MH370 will be covered by insurance. |archive-date=14 July 2014 |archive-url=https://web.archive.org/web/20140714115404/http://www.malaysiaairlines.com/my/en/corporate-info/press-room/latest/malaysia-airlines-records-rm443-million-loss-for-q12014.html |url-status=dead }}</ref><ref name="WSJ-MASfinancial" /> In August, the airline warned of poor second-half earnings, citing a 33% decline in average weekly bookings following the loss of [[Malaysia Airlines Flight 17|Flight 17]].<ref name="Q2 losses-NYT" /> Media reported that some flights were largely empty and that the airline had slashed prices well below competitors on several key routes.<ref name="NYT-MASfinances" /><ref>{{cite news |last1=Neuman|first1=Scott|title=Malaysia Airlines Cuts A Third of Its Workforce After Steep Losses |publisher=NPR |date=29 August 2014 |url=https://www.npr.org/blogs/thetwo-way/2014/08/29/344266820/malaysia-airlines-cuts-a-third-of-its-workforce-after-steep-losses |access-date=30 August 2014}}</ref>
[[File:9M-MXD - Boeing 737-8H6 - Malaysia Airlines - MSN 40131 - VGHS.jpg|thumb|right|Malaysia Airlines [[Boeing 737-800]] sporting the 2010-2017 livery]]
Prior to the shootdown of Flight 17, many analysts and the media suggested that Malaysia Airlines would need to rebrand and repair its image and/or require government assistance to return to profitability.<ref name="WSJ-privatization">{{cite news |last1=Venkat |first1=P.R. |last2=Raghuvanshi |first2=Gaurav |title=Malaysia Airlines Could Go Private |work=The Wall Street Journal |date=2 July 2014 |url=https://online.wsj.com/articles/malaysia-airlines-could-go-private-1404301103 |access-date=9 August 2014}}</ref><ref>{{cite news |last1=Patterson |first1=Thom |title=Malaysia Air faces new, serious threat as company |publisher=CNN |date=18 July 2014 |url=http://www.cnn.com/2014/07/17/world/europe/malaysia-airlines-sidebar/index.html?iid=article_sidebar |access-date=9 August 2014 |quote=Analysts said it may take a government rescue to save the company from financial disaster.}}</ref><ref>{{cite web |title=Malaysia Airlines considers tie-up with Etihad Airways as restructuring process slowly begins |date=17 June 2014 |url=http://centreforaviation.com/analysis/malaysia-airlines-considers-tie-up-with-etihad-as-restructuring-process-slowly-begins-172934 |website=centreforaviation.com |publisher=Centre for Aviation|access-date=9 August 2014}}</ref><ref>{{cite news |last1=Ngui |first1=Yantoultra |title=Exclusive: State fund plans to take Malaysia Airlines private for restructuring: sources |publisher=Reuters |date=2 July 2014 |url=https://www.reuters.com/article/us-malaysia-airlines-idUSKBN0F70UR20140702 |access-date=9 August 2014}}</ref><ref>{{cite news |last1=Zhang |first1=Benjamin |title=How Malaysia Airlines Can Be Saved From Financial And Reputational Ruin |url=http://www.businessinsider.com/malaysia-airlines-uncertain-future-2014-7 |website=Business Insider |access-date=23 July 2014}}</ref> On 8 August, trading in the company's stock was temporarily suspended when [[Khazanah Nasional]]—the majority shareholder (69.37%)<ref>{{cite news |last1=Hamzah |first1=Al-Zaquan Amer |last2=Leong |first2=Trinna |last3=Ngui |first3=Yantoultra |title=Malaysia Airlines To Go Private With A$435 Million Government Investment |date=8 August 2014 |website=Business Insider |url=http://www.businessinsider.com/malaysia-airlines-overhaul-2014-8 |access-date=9 August 2014}}</ref> and a Malaysian state-run investment arm—requested that MAS' Board of Directors undertake a selective [[Financial capital|capital]] reduction exercise (e.g. buyback or cancel stock of other shareholders);<ref>{{cite news |title=MAS: No disruption to current service |work=New Straits Times |date=29 August 2014 |url=http://www.nst.com.my/node/28082 |access-date=30 August 2014}}</ref> Khazanah announced it will spend {{MYR|1.38 billion}} (US$431&nbsp;million; 27 sen per share) to compensate minority shareholders (a 12.5% premium of 7 August closing price).<ref name="NYT-Khazanah takeover">{{cite news |last1=Mouawad |first1=Jad |title=Malaysia Steps in to Save Its Reeling National Airline |work=The New York Times |date=8 August 2014 |url=https://www.nytimes.com/2014/08/09/business/international/malaysia-airlines-to-be-taken-over-by-government.html |access-date=9 August 2014}}</ref><ref>{{cite news |last1=Creedy |first1=Steve |title=Malaysia Airlines in $460m bid to clear air |work=[[The Australian]] |date=9 August 2014 |url=http://www.theaustralian.com.au/business/aviation/malaysia-airlines-in-460m-bid-to-clear-air/story-e6frg95x-1227018472442?nk=70b32bc1815c4b34c2328e2c878caf76 |access-date=9 August 2014}}</ref><ref name="Reuters Kazanah buyback">{{cite news |last1=Hamzah |first1=Al-Zaquan Amer |last2=Ngui |first2=Yantoultra |title=State fund to take over Malaysia Airlines, plans 'complete overhaul' |publisher=Reuters |date=8 August 2014 |url=https://www.reuters.com/article/us-malaysia-airline-idUSKBN0G807E20140808 |access-date=9 August 2014}}</ref> At the time, Khazanah Nasional did not announce much about its plans for the airline except that the airline had "substantial funding requirements"<ref name="NYT-Khazanah takeover" /> and that a "comprehensive review and restructuring"<ref name="NYT-Khazanah takeover" /> was needed.

On 29 August, Khazanah released a report, "Rebuilding a National Icon: The MAS Recovery Plan",<ref name="Recovery plan">{{cite web |title=Khazanah announces 12 – point MAS Recovery Plan |publisher=Khazanah|date=29 August 2014 |url=http://www.khazanah.com.my/docs/140829%20Khazanah%20announces%2012-point%20MAS%20Recovery%20Plan.pdf |access-date=30 August 2014 |archive-url=https://web.archive.org/web/20140903122818/http://www.khazanah.com.my/docs/140829%20Khazanah%20announces%2012-point%20MAS%20Recovery%20Plan.pdf |url-status=dead |archive-date=3 September 2014}}</ref> which outlines their plan for the restructuring of MAS and the process of completing the takeover. About 6,000 jobs (about 30% of MAS's workforce) will be eliminated and the carrier's route network will be shrunk to focus on regional destinations rather than unprofitable long-haul routes.<ref name="USAToday restructuring">{{cite news |last1=MacLeod |first1=Calum |title=Malaysia Airlines slashes jobs, routes in overhaul |date=29 August 2014 |work=USA Today |url=https://www.usatoday.com/story/travel/news/2014/08/29/malaysia-airlines-overhaul/14786099/ |access-date=30 August 2014}}</ref> Khazanah had plans to delist the airline from Malaysia's stock exchange by the end of 2014 and to return it to profitability by late 2017, relisting the airline by 2018 or 2019.<ref name="USAToday restructuring" /> On the business/legal side, Khazanah intended to transfer the relevant operations, assets, and liabilities of Malaysian Airline System Berhad into a new company (no name given in documents) by July 2015.<ref name="Recovery plan" />{{Rp|2}}