Malaysia Airlines facing potential bankruptcy

Malaysia Airlines is facing the possibility of having to declare bankruptcy in the midst of its two-month search for its Flight 370, which has been missing since March, Bloomberg News reports.

The company’s stock value dropped this weekend to its lowest levels since 1998, according to the report.

Bloomberg financial analysts say the Malaysian government might consider allowing the company to go into bankruptcy.

{mosads}“People believe that this time around, there would not be a bailout like before,” Malayan Banking Bhd. analyst Mohshin Aziz said in the report.

The Malaysian government currently owns almost 70 percent of the airline’s stock, according to the report.

Malaysia Air has been facing turmoil since the disappearance of Flight 370 en route from Kuala Lumpur, Malaysia, to Beijing on March 8.

The plane, which was last detected by air traffic controllers about an hour into its flight, was carrying 239 passengers and crew members at the time of its disappearance.

Officials from multiple nations have conducted a prolonged search for the plane, focusing first on the Gulf of Thailand, and later on, the southern Indian Ocean.

Satellite images of potential debris in the water that officials believed could have been related to the missing plane raised officials’ hopes last month — falsely, thus far — of finding the aircraft’s remnants.