Bangkok Post, Thailand, Travel Column.

Byline: Imtiaz Muqbil

Sep. 2--MAS SELL-OFF TO CLEAR DEBTS: Malaysia Airlines is to sell all its aircraft and many of its properties, including its headquarters, in a revolutionary attempt to become a debt-free virtual airline, according to a detailed report on the restructuring plan published this week by Aviation Analyst-Asia Pacific.

Under the plan, all the carrier's assets and liabilities are to be transferred to and then leased back from a new Malaysian government vehicle, Penerbangan Malaysia Berhad (PMB) by the end of next month.

With no aircraft assets on its balance sheet, MAS will essentially become a marketing entity and operator of leased passenger and cargo capacity on international routes. MAS will also provide domestic passenger services under a government contract, Aviation Analyst reported.

MAS's managing director, Mohamed Nor Yusof, views the restructuring plan, called ...