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Malaysia Airlines and AirAsia, once contrasting, now face same crisis

State-run carrier and its budget rival both seeking debt relief

Malaysia Airlines has recorded losses every year since 2011. (Photo by Shinya Sawai)

SINGAPORE -- Struggling flag carrier Malaysia Airlines' previous attempt turn itself around collided with low-cost local rival AirAsia Group's rise. Now, both companies have run into the same turbulence.

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