Mango’s Business Rescue Practitioner, Sipho Sono, has said that Mango’s investor remains committed to the carrier’s recovery process, despite a judicial ruling declaring the business rescue plan invalid.
“The investor has reaffirmed its commitment to the Investor Process and is presently prepared to await the outcome of the litigation,” Sono said in Mango’s June notice.
As reported by Travel News, the Gauteng High Court ruled that Mango’s business rescue plan could not be implemented, finding that the plan would prevent the airline from properly paying its creditors.
Sono has applied for leave to appeal the court’s ruling. He argues that, despite the judgement declaring the debt cession invalid and the complainant’s earlier vote against the business rescue plan, the creditors have no legal alternative to claim their compensation, making the plan the only viable path forward for them.
