Myairline In Advanced Talks With 2 Potential Investors

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MYAirline said it had received 15 proposals, with two progressing to advanced stages of negotiations. (Facebook pic)PETALING JAYA: Malaysian budget carrier MYAirline is in advanced negotiations with two potential investors following the suspension of operations last month, according to an announcement by the airline today.
MYAirline said it had received 15 proposals, with two progressing to advanced stages of negotiations.
“The team is working round the clock to finalise a recapitalisation package that will revive our operations.
“This will also facilitate the reimbursement of monies to affected passengers, as well as payment of salaries and statutory dues,” it said in a statement today.
On Oct 12, MYAirline abruptly suspended operations, citing “severe financial challenges”. This came 11 months after it took to the skies.
The airline later said the suspension of operations was due to the lack of a back-up plan to resolve its faltering finances, and that its failure to inform passengers of the suspension stemmed from an “oversight”.
The company said no staff members had been terminated or placed on unpaid leave despite the company’s financial constraints.
It said it had set up an internal charity fund called “Tabung Ihsan” for the collection of donations within MYAirline for the affected employees.
MYAirline said it was coordinating with the Social Security Organisation (Perkeso) to enable its employees to apply for the Employee Insurance Scheme (EIS).
“We do understand the difficulties faced by our staff and we would like to assure them that we are doing everything in our power to address their plight.
“We would encourage our staff to cooperate with us in this difficult time as we have their best interests at heart,” MYAirline said.
Earlier today, 15 MYAirline employees filed a police report against the company over unpaid salaries, with one saying the company had not paid his salary for two months. - FMT

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