Malaysian Airlines boss Christoph Mueller has announced that the airlines will now become an "entirely new company" which may involve 6,000 job cuts.
According to the BBC, Mueller had earlier announced that the airline was "technically bankrupt".
He said that the airline expected no further bad news "particularly for our new employees".
He also claimed that the transition would be "an orderly process".
Mueller said that an improved technology and renegotiated contracts with its suppliers would help the airline to cut costs further.
