1. CEO Malaysia Airlines Christoph Mueller talking with reporters
2. Various of media
3. SOUNDBITE (English) Christoph Mueller, CEO Malaysia Airlines:
"We are technically bankrupt, we are technically bankrupt and that decline of performance has started long before the tragic events of 2014. So that the current shareholder, only shareholder at the time, majority shareholder Khazanah, initiated already a first restructuring project as early as January of last year, that off course was overtaken by the tragic events and after that the entire debate of course became more public."
4. Cutaway of cameraman
5. Mueller at news conference
6. Cutaway of reporter
7. SOUNDBITE (English) Christoph Mueller, CEO Malaysia Airlines:
"It was decided that not the government should own the company outright but Khazanah, its foreign investment arm. Today, the new Malaysian Airlines has undertaken the first last transaction. We offered not less than 14 thousand employees a new contract today. It might not look like the start up but in fact we will be the start-up. It will be the new legal entity, new shareholder, new strategy in large parts new management. Everything will be in fact new."
The new CEO of Malaysia Airlines said on Monday that the company is "technically bankrupt" but can remerge as Southeast Asia's leading airline.
Christoph Mueller told reporters in Kuala Lumpur that the ailing carrier could break even by 2018 after cutting staff, selling surplus aircraft and refurbishing its international fleet.
The airline is trying to sell two of its A380 super jumbo jets and has gone ahead with its previously announced plan to cut 6,000 of its 20,000 staff, according to the former chief executive of Ireland's Aer Lingus.
The remaining 14,000 employees have been offered jobs in a new company that is being set up to take over the legacy Malaysia Airlines business.
The carrier is being kept alive by an injection of funds from a Malaysian government sovereign wealth fund after double disasters in 2014 dealt a fatal blow to its already struggling business.
The Malaysian parliament passed a law allowing the airline to be restructured under Chapter 11-style bankruptcy protection.
Malaysia Airlines Flight 370 with 239 people on board went missing March 8 last year while en route to Beijing and no trace of it has been found.
In July, a Malaysia Airlines jet was shot down over Ukraine, killing all 298 people on board.