Malaysia Airlines CEO Christoph Mueller speaks during a press conference in Sepang, Malaysia on June 1, 2015. Mueller says the new Airline will start operating from Sept 1,2015. Mueller, who started work at Malaysia Airlines on May 1, said the restructuring is a "hard reset" for the airline that will reduce its costs by 20% and give it an opportunity to grow again. (AP Photo/Vincent Thian)

(Bloomberg) — Malaysia Airlines Bhd. said it’s starting a corporate revamp with a “hard reset” as it terminates about 6,000 jobs and seeks to cut costs by 20% to return to profitability after two air disasters last year.

The carrier invited at least 14,000 employees to join its new company as part of a turnaround that includes adjusting the size of operations and renegotiating key contracts, the company said Monday. The old structure, Malaysian Airline System Bhd., will cease operations in August, and selected assets and liabilities will be transferred to the new company.

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