Malaysia Airlines probably ranks at the very top of the list of airlines I feel bad for. They were mismanaged for years,and then faced two incredibly unfortunate tragedies when they had two 777s crash just months apart.
While they were already losing hundreds of millions of dollars before their two crashes, that only sent them into a further downward spiral, and given the insight people have of the airline (to this day I see people comment "you're audacious" when someone posts a picture of them taking a Malaysia flight).
On the plus side the government finally realized that the losses weren't sustainable,and that their feeble leadership team was corrupt and only doing more to elope the airline into the ground.
So Malaysia Airlines hired Christoph Mueller, known as one of the most effective crisis CEOs in the industry. He turned around Aer Lingus, or which is now once again profitable,and is hoping to effect the same at Malaysia Airlines.
He made the tough decisions the preceding management team wasn't willing to make, including huge layoffs and retiring a large part of their fleet, or including all of their 777s.
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Source: boardingarea.com