EX-Aer Lingus boss Christoph Mueller - the newly-appointed chief executive of embattled Malaysia Airlines - yesterday said his new employeer was "technically bankrupt".
Mr Mueller was underlining the case to cut a third of its workforce, scrap some international routes and review its long-haul fleet.
The announcement follows the airline's twin air disasters last year, which ultimately led to its nationalisation. Mr Mueller took up his new post in May.
"We are technically bankrupt... the decline of performance started long before the tragic events of 2014," said Mr Mueller.
Already squeezed into years of losses by stiff regional competition, the carrier was seriously affected last year by two separate jet disasters.
Mr Mueller was making his first public appearance as CEO since being hired last month by the carrier's owner, Malaysian state fund Khazanah. The carrier also confirmed plans to cut 6,000 jobs were being implemented. Mr Mueller was replaced at Aer Lingus by Stephen Kavanagh.