Malaysia Airlines was in big financial trouble before the twin disasters of Flight 370 and Flight 17 claimed the lives of 537 people.
With its reputation now severely damaged, executives are grappling with tough questions about the future of the airline.
Should the name be changed? Should the business go private? Can the airline even survive?
"I don't think they've ever gone through this type of situation in the past," Abdul Aziz Abdul Rahman, the former CEO of Malaysia Airlines, told CNN.
"The business model definitely needs to be changed."
Here are three things management must do to rescue Malaysia Airlines:
Restructure the business: Even before Flight 17 was shot out of the sky, the airline's majority owners were working on a wide-ranging review of its business.
It hadn't turned a profit in years, efforts to compete with low-cost carriers had failed, and the need for yet another government bailout was growing.
These are big problems, and any new turnaround plan will mean major change.
Malaysian state investor Khazanah Nasional, which owns nearly 70% of the airline, is reportedly considering taking it private. Shares are trading near record lows, and buying out the remaining shareholders could cost as little as $325 million.
After taking the business private, management could sell some desirable assets, including Firefly, its budget unit. The state investor could then reduce its stake in the leaner company, opening the door to new investors.
Another option is a tie up with Air Asia, one of the budget carriers that has been taking Malaysia's business by offering cheap fares on short routes. A partnership has been rumored in the past, but nothing materialized.
Cut costs in a big way: Analysts argue that Malaysia Airlines needs to slim down, and drop some of the flashy features of a flag carrier, in order to compete.