Thousands of Malaysia Airlines employees are set to lose their jobs under a tough restructuring plan announced Friday. The state investment firm Khazanah is taking complete control of the ailing national flag carrier, and will aim to restart Malaysia Airlines with a clean slate. CCTV America’s Rian Maelzer reports.

These changes are all in a desperate attempt to save Malaysia Airlines from financial collapse in the wake of the disappearance of flight MH370 in March and the shooting down of MH17 over Ukraine in July. It’s also the fourth plan aiming to turn around Malaysia Airlines fortunes since 2007.

The state investment firm, Khazanah, said 6,000 jobs, around 30 percent of the total, will go, as the airline cuts routes and focuses primarily on the regional market. Workers will be offered retraining and other job opportunities, including with state-owned firms.

Khazanah will also inject $1.9 billion of funding of the next three years. It will also form a new company, likely still named Malaysia Airlines, but one that can start with a clean slate, including a trimmed down workforce and route network, and renegotiated contracts.

Malaysia Airlines lost $230 million in the first half of this year and is expecting even worse in the second half as the hit to passenger traffic after the MH17 disaster is factored in.

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