Will MH remain in oneworld?
 

MH is now under receivership and might have airlines code changed, but how is the status in OneWorld? Will they be still part of it?

Unless MAS/MAB have made an announcement answering that question, replies to your post will be speculative. They could slim down and continue in oneWorld; they could "change their business model" and leave all alliances (e.g. as Aer Lingus did); they could be purchased by another airline and taken into that alliance (e.g. as Lufthansa did with Swiss).

For all we know at this point, MAS could be the next target for IAG.

I think it's still to early to know that. In the short term I see them staying, though they could switch alliance if acquired by a rival group. I don't think they will be unallianced, they have to compete with AirAsia and an alliance is a strong point.

If they pull out of all their long haul routes, they are going to need to rely on their partners in NRT, HKG and CMB for connections outside Asia.

That will never happen: loss of face! The Malaysian government will keep the national flag carrier airline flying in some way.

Yes, I think you'd get quite good agreement that it will keep "flying in some way". However, even if another company buys a share (e.g. 1/3) and keeps MAS/MAB operating as a separate brand, it is very feasible that would result in a change of alliance. I am not predicting it, just saying that is one of the many possibilities.

Changing alliance requires a lot of money, that MH at the moment does not have. They may be an acquisition target, but the only realistic suitors are the Gulf carriers, it is highly unlikely that Malaysian government will accept a takeover offer within the region or from foreign carriers with their picky requests (AF/KL or LH). Even within OW there may be solutions, IAG and QR being the first coming to mind.

Maybe, maybe not. The Hungarian government didn't keep Malev flying and Olympic Airlines is now barely a flag carrier. There's only so much good money you can throw after bad.

Asia is very different to Europe. And the country is not effectively bankrupt unlike Greece

The only airlines in any position to go shopping are the ME3 (basically QR or EY) and IAG, so no major risk there.

The Malaysian government is extremely unlikely to lose face by allowing MH to fail, so no risk there.

The only risk is of them slimming down and leaving, but you would think they would want all the OW codeshares and connections they can get right now.

Another likely chance would be a restart (and completion this time) of the attempted merger with Air Asia. Problem is, that would mean the government will take once again front seat, and thus the basically uselessness of a foreign CEO to sort out the mess.
As noted elsewhere in any case airlines in this corner of the world (australasia) are not exactly faring well. Being sideways to the main commercial routes and subjected to strong competition from Gulf carriers is not exactly a good recipe for profitability.

They didn't because they were not allowed to under EU law.

Will MH remains in oneworld?
 

MAS/MAB CEO has just confirmed the airline will remain a member of oneworld.

Welldone CM. Now lets see how he revamp, attracts, and keep frequent flyers