Cash-strapped Malaysian budget carrier MyAirline abruptly suspends operations

The airline apologized for the "extremely painful decision" but said "significant financial pressures" made it necessary to temporarily halt operations pending shareholder restructuring and recapitalization of the company.

"We have worked tirelessly to explore various partnership and capital raising options to prevent this suspension. Unfortunately, the constraints of time have left us with no alternative but to take this decision," its board of directors said in the statement.