@jmmilner - Unfortunately, I wasn't able to open the initial link, so I didn't get the fine details. I was presuming that "privatisation" meant finding a group of independent investors to pour money into the company, which is quite often the procedure involved in privatisation.
If all the money being poured into the Malaysia Airlines privatisation is coming solely from the Malaysian Govt, then they're taking a huge gamble with the countrys sovereign wealth fund, that looks like a seriously bad bet to me.