Malaysia Airlines faces layoffs, restructuring

Malaysia's embattled flag carrier may soon face layoffs and board changes as part of plans to rebuild an airline that is struggling to fill seats after the losses of two planes and the deaths of 537 people.

According to the Wall Street Journal, the nation's state investment firm - which controls a nearly 70 percent stake of Malaysian Airline System Bhd. - announced Friday it would take the company private in a $430 million move. It marks the first sign of a restructuring effort.

Malaysia Airlines hasn't been profitable for the past three years. The government issued some $1.5 billion to the airline during the last decade to keep it up and running, but the disappearance of Flight 370 in March and the July downing of Flight 17 over Ukraine were devastating blows.

Read more from the Wall Street Journal.