Malaysia Airlines (Kuala Lumpur) is still in crisis mode after the savage downing of flight MH 17 over the Russian-speaking rebel-held area of the eastern Ukraine. The airline now avoids flying over the Ukraine.

Yesterday the flag carrier issued this statement about MH 17:

“Following the agreement Prime Minister Najib Razak brokered with rebel leaders, Malaysia has taken custody of flight MH 17’s black boxes. As the Prime Minister said, they will be passed to the international investigation team for analysis.

The international investigation team, led by the Netherlands, has decided to pass the black boxes to the UK Air Accidents Investigation Branch for forensic analysis. It is normal procedure for black boxes to be sent for analysis to the nearest laboratory authorized by the International Civil Aviation Association.

The black boxes will therefore be flown to Farnborough, UK, accompanied by Malaysian experts and other members of the international investigation team.”

Meanwhile on the financial side, the airline is also hurting. Load factors and yield are reportedly declining given the attention the airline is receiving in the media.

Previously on May 15 the airline reported a growing quarterly net loss of RM443 million ($139.5 million) for the three months ending on March 31, 2014 compared to a loss of RM279 million ($87.8 million) for the same quarter a year ago.

Bloomberg Businessweek is exploring the question of whether the airline can survive as we know it given this double tragedy and declining fortunes and cash flow.

According to the magazine, “MAS executives are focusing on finding a way to save the company. The carrier this week is going to present a plan to its parent, state-run Khazanah Nasional, Bloomberg News reported. Bankruptcy is one option. Taking the company private is another.”

Most likely the carrier will continue to operate in some form but it will probably change.

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Copyright Photo: Karl Cornil/AirlinersGallery.com. Can Malaysia Airlines, with declining numbers, remain an Airbus A380 operator? The A380 is the flagship aircraft for the carrier but if it can’t fill the seats it may be the wrong aircraft for the airline. Airbus A380-841 9M-MNF (msn 114) arrives in London (Heathrow) with special “100th A380” markings.

Malaysia Airlines: