MYAirline (MYM, Kuala Lumpur Subang) says it has received over 15 proposals from potential investors, two of whom are in advanced stages of negotiations. The Malaysian low-cost carrier, which abruptly ceased flying on October 11, 2023, has also responded to show cause notices issued by the Civil Aviation Authority Malaysia (CAAM) and the Malaysian Aviation Commission (MAVCOM).

MYAirline issued a statement on October 31 updating stakeholders on progress concerning restart talks. "The team is working around the clock to finalize a recapitalization package that will revive our operations," the statement reads. "This will also facilitate the reimbursement of monies to affected passengers as well as payment of salaries and statutory dues."

"With reference to the show cause notices issued by CAAM and MAVCOM, we have formally responded to these two agencies on October 25 and October 27, respectively, within the deadlines imposed on MYAirline." CAAM is re-auditing MYAirline's air operator's certificate (AOC) checklist after suspending it after the airline ceased flying, while MAVCOM is investigating possible breaches of the carrier's air services licence.

The two government agencies are under scrutiny for allegedly failing to pick up that MYAirline, which only started operations in December 2022, was in financial distress. CAAM renewed the carrier's AOC just days before it collapsed. Since then, details have emerged of earlier signs pointing to problems. In late October, a group of MYAirline employees, led by a union official, complained to the Royal Malaysian Police, alleging their salaries were two months in arrears. Police probes into the financial dealings of MYAirline founder and shareholder Allan Goh Hwan Hua and companies associated with him have also raised questions about the source and probity of some MYAirline funding.

MYAirline was in talks with potential investors before it shut down. However, the last-minute withdrawal from talks by one potential investor forced the airline to abruptly suspend flights. It now has until mid-November to find a fresh source of capital or face permanent closure.