The Malaysian flag carrier, wholly owned by Malaysia's sovereign wealth fund Khazanah Nasional, would take more drastic measures if the restructuring can't be completed over the next few months.
Bloomberg reported earlier that the airline was said to be talking to banks and leasing companies to defer payments.
'The deep impact of the prolonged Covid crisis has necessitated Malaysia Aviation Group to take drastic steps in revising its long-term business plan to ensure the group's relevance and survival,' according to the statement, which refers to the holding company.
The carrier has embarked on salary cuts for its management and pilots, offered no-pay leave, sought payment deferrals and contract renegotiations since March. It will now review its network and fleet plans.
Airlines globally are grappling with the drop in air travel, especially as authorities bring back restrictions to combat a resurgence of the coronavirus pandemic in many countries. Virgin Australia Holdings and Colombia's Avianca Holdings have collapsed, while American Airlines and United Airlines said they would cut more than 32,000 employees.
This year, the carrier maintained a few domestic flights and minimal international routes in the middle of the pandemic, mostly for repatriation and cargo operations, it said in the statement.