 Image copyright Elvis Image caption The restructuring comes after years of losses and the twin disasters of MH370 and MH17 
 
 Malaysia Airlines is "technically bankrupt", its chief executive has said, as he announced a restructuring programme and plans to cut about 6,000 jobs. About 14,000 of the roughly 20,000 existing employees are expected to receive offer letters to remain with the restructured airline, it said. "We are technically bankrupt ... the decline of performance started long before the tragic events of 2014," Mr Mueller said, speaking at a news conference. In March of last year, flight MH370 disappeared with 239 passengers and crew aboard and remains missing. CEO Christoph Mueller has turned around other airline brands in the past 
 
 Consumer confidence was badly affected when Flight MH370 disappeared with 239 people on board in March 2014, and just four months later, Flight MH17 was downed by a suspected ground-to-air missile over Ukraine - killing 298 people. The two disasters proved to be the final straw for the already struggling business, which had reported losses for several years as a result of strong regional competition. Image copyright Reuters Image caption Flight MH370 went missing in March last year 
 
 Rebranding 
 
 Mr Mueller was making his first public appearance as chief executive since being hired by the carrier's owner, Malaysian state fund Khazanah, to lead the restructuring. Mr Mueller, nicknamed The Terminator in Ireland for the job cuts he implemented at Aer Lingus, is expected to reduce the number of long-haul routes offered from Malaysia to Europe, and focus on regional services.  Malaysia Airlines will have a rebrand in September after a disastrous 2014 
 
 The new boss of Malaysia Airlines has claimed the carrier is "technically bankrupt", following two plane accidents in 12 months. British Airways, for example, recently restarted flights from London to Kuala Lumpur, which is Malaysia Airline's flagship route. Malaysia Airlines confirms 6,000 job losses in restructure; CEO says carrier 'technically bankrupt' 
 
 Posted 
 
 Malaysia Airlines has outlined plans for a major restructure that will see the carrier slash around 6,000 jobs as it struggles to stay in business. It is expected that the 12-month restructuring plan for Malaysian Airlines will cost £1.1bn - and last week, an administrator was appointed to oversee the transferral of the carrier's assets to a new company. Image copyright Reuters Image caption Flight MH17 came down near the village of Grabove in Ukraine 
 
 Malaysia Airlines plans to announce a rebranding on 1 September. Stiff regional competition has led the company to post losses for several years - and in a statement, the airline pledged to "stop the bleeding" in its finances by the end of 2015, in the hope it will return to growth by 2017.
– The promised overhaul at Malaysia Airlines has begun. New CEO Christoph Mueller—dubbed "the Terminator"—says 6,000 of 20,000 jobs at the "bleeding" airline will be slashed. "We are technically bankrupt," says Mueller, who developed a reputation for laying off workers during restructuring at Ireland's Aer Lingus, Belgium's Sabena, and Germany's Lufthansa airlines, per the BBC. "The decline of performance started long before the tragic events of 2014." Before MH370 disappeared and MH17 was shot down over Ukraine, the airline suffered from what AFP calls "poor management, unwise business decisions, government meddling, and unfavorable service and supplier contracts stemming from Malaysia's crony capitalism." Though 14,000 workers were offered jobs, Mueller says some may be fielding offers from competitors. Noting the Malaysia Airlines brand has been blemished in some markets, Mueller, hired last month by state investor Khazanah, adds the airline will rebrand in September, but he remains vague on the details. The airline may also reduce the frequency of flights or the size of aircraft on long-haul routes to Europe to focus more on regional flights, though a flagship route to London will be unaltered. The hope is that the airline can "stop the bleeding" in 2015, per today's announcement, and see growth by 2017. Sky News reports the yearlong restructuring plan will cost $1.7 billion.