A man walks past wreckage at the crash site of Malaysia Airlines Flight MH17 near the village of Hrabove (Grabovo), Donetsk region July 26, 2014. Nearly 300 people, 193 of them Dutch citizens, were killed when the Malaysia Airlines plane en route from Ams
A man walks past wreckage at the crash site of Malaysia Airlines Flight MH17 near the village of Hrabove (Grabovo), Donetsk region July 26, 2014. Nearly 300 people, 193 of them Dutch citizens, were killed when the Malaysia Airlines plane en route from Amsterdam to Kuala Lumpur was brought down in eastern Ukraine, where separatists are battling government forces, on July 17. REUTERS/Sergei Karpukhin

Malaysia Airlines is looking at rebranding options as the tragedies of MH370 and MH17 cast a shadow on the company as well as the entire aviation agency

According to reports, Malaysia Airlines may change its name as part of its plans for a "radical overhaul" in the wake of 298 passenger deaths after MH17 was shot down by a surface-to-air missile over the Ukraine border.

The Malaysian government majority-owned airline, said it will be searching for new investors to rebuild the business following two tragedies involving the Malaysian flag carrier.

Reports said a strategic review is underway to pave the way for the airline's route restructuring and outsourcing to increase Malaysia Airlines' profits. In a report by the Telegraph, additional private investment may come from the airline's competitors in the industry.

Malaysia Airlines has called for the creation of a single global body to monitor aviation threats and determine where passenger aircraft are allowed to fly. The Malaysian government has been leading the review process following the downing of Flight MH17 on July 17 and the mysterious disappearance of Flight MH370 on March 8.

The wreckage of Flight MH370 along with the 239 people on board were never been found in spite of a massive international search and countless conspiracy theories. The search for MH370 continues with Australia leading the effort.

Reports said Malaysia Airlines commercial director Hugh Dunleavy insisted that despite the recent tragedies and loss of both planes. He is confident the airline will only come out "stronger."

Dunleavy said the Malaysian government has started with the process of reviewing the future of Malaysia Airlines. He added the process will speed up in the wake of the MH17 tragedy, citing several options that the airline is considering including renaming and rebranding.

He reiterated that MH17 was flying in the approved airspace as advised by the International Civil Aviation Organisation. Ukrainian authorities had approved the plane's flight plan but it was still shot down by a missile.

He wrote in a statement that the MH17 has taught the airline that in spite of approved guidelines, the airspace above "certain territories" is not always safe. He said airlines can no longer depend on current industry bodies for accurate information.

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