Embattled Mango might have proposed rescue plan ready by the end of October -Low-cost airline Mango's first meetings as part of its business rescue process took place on Wednesday, with employee representatives and creditors being briefed on the steps ahead. Among other things, employees expect to be paid their outstanding salaries for last month. The voluntary business rescue process was approved as from 28 July, and the goal is to have a proposed rescue plan by the end of October. Rescue practitioner Sipho Sono of Opis Advisory said one meeting was with the airline's creditors and the other with unions and representatives of non-unionised employees. He said he was satisfied with the process so far. "The next steps will be setting up several meetings with the various committees established. More details will be provided as the business rescue process unfolds," said Sono. Jordan Butler, chair of the Mango Pilots' Association (MPA), said the aim is to have a proposed rescue plan by 29 October. At the meeting with unions, it was indicated that there was provision for outstanding salaries to be paid for July, and that salary payments for August and September would also be possible, Butler said. Butler said there were indications that Mango has a reasonable prospect of being rescued. “We want to ensure a genuine turnaround strategy which is not based on retrenchments, but on making the business viable in the long term,” said Butler. But it remains unclear when the airline will be up and running. 1.The article above makes reference to a turnaround strategy. Based on a defensive corporate strategy, discuss in detail the various options that Mango airlines may choose to pursue as part of a defensive turnaround strategy. Ensure that you provide relevant examples related to Mango and not just theory.
Embattled Mango might have proposed rescue plan ready by the end of October
-Low-cost airline Mango's first meetings as part of its business rescue process took place on Wednesday, with employee representatives and creditors being briefed on the steps ahead. Among other things, employees expect to be paid their outstanding salaries for last month. The voluntary business rescue process was approved as from 28 July, and the goal is to have a proposed rescue plan by the end of October. Rescue practitioner Sipho Sono of Opis Advisory said one meeting was with the airline's creditors and the other with unions and representatives of non-unionised employees. He said he was satisfied with the process so far. "The next steps will be setting up several meetings with the various committees established. More details will be provided as the business rescue process unfolds," said Sono.
Jordan Butler, chair of the Mango Pilots' Association (MPA), said the aim is to have a proposed rescue plan by 29 October. At the meeting with unions, it was indicated that there was provision for outstanding salaries to be paid for July, and that salary payments for August and September would also be possible, Butler said. Butler said there were indications that Mango has a reasonable prospect of being rescued. “We want to ensure a genuine turnaround strategy which is not based on retrenchments, but on making the business viable in the long term,” said Butler. But it remains unclear when the airline will be up and running.
1.The article above makes reference to a turnaround strategy. Based on a defensive corporate strategy, discuss in detail the various options that Mango airlines may choose to pursue as part of a defensive turnaround strategy. Ensure that you provide relevant examples related to Mango and not just theory.
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