At this point, Mesa has just notified the SEC that they cannot deliver required 4Q financial statements on time. No time frame is specified. All of the analysts are generally agreed that Mesa can be expected to file bankruptcy at any time. There are no contracts left, no cost savings to be squeezed out...nothing left of value.
Basically....If I were still a pilot at MAG, I would make sure that my sick leave balance was absolutely ZERO at all times from this date forward. With bankruptcy, all debts (including sick leave balances, etc.) are dismissed.
Take your sick leave, enjoy some time off with the family on your terms. In a few months you will be back to nothing again. Anyone with an hour of sick leave left when Mesa goes Ch. 11 should kick themselves.