Malaysian private firm Golden Skies Ventures has tabled a $2.5 billion bid to take over cash-strapped flag carrier Malaysia Airlines.
GSV made the offer a month ago, Reuters reports, and has funding commitments from banks.
It is also in talks with private equity firms for additional funding.
GSV was established by aviation executives including former Malaysia Airlines officials.
The company said it would absorb most of the airline’s current debt as part of an acquisition.
“It is still a viable venture. We are saying we won’t lay off the 13,000 frontline employees and we are not going to asset-strip the airline,” said GSV deputy chief executive, Ravindran Devagunam.
If successful with its bid, GSV expects to turn a profit within three years.

Malaysia Airlines’ sole shareholder, sovereign wealth fund Kazanah, remains ‘cautious’ on the bid as it says GSV hasn’t yet shown documemtary proof it can secure the required funding to buy the airline.