oneworld alliance member Malaysia Airlines was placed into receivership today. The idea is that they are going to move the ‘good’ assets to a new company, which will continue to operate the airline.

‘Malaysian Airline System Berhad’ (MAS) continues to operate the airline through August 31.

Then new company ‘Malaysia Airlines Berhad’ (MAB) will operate the company effective September 1.

This bankruptcy proceeding and transfer of assets does not – itself – affect operations of the airline. It’s a part of the airline’s restructuring, though, while is eliminating routes and jobs as the carrier tries to shrink to profitability. 6000 to 8000 jobs are expected to be lost, with Korean and Qatar Airways already recruiting Malaysia pilots and flight attendants.

Malaysia seeks to ensure its customers of the exact same things US airlines communicate when going through their own bankruptcies — e.g. that their miles are safe.

“This appointment does not affect our daily operations or existing reservations,’’ he said. “You can continue to make reservations in full confidence that our flights and schedules are operating as normal, that tickets sold will be honoured, and that our Enrich frequent flyer program continues with miles and status preserved.”

Malaysia Airlines was struggling even before MH370 went missing last year and MH17 was shot down four months later. (Ironically, the loss of MH17 was financially crushing for Malaysia Airlines .. but a financial windfall for Russia.)

Nonetheless, I remain a big fan of the airline (I truly love their onboard satay) and am rooting for this underdog’s success!