Verb manage

Hi everybody,

There is an old article about Chung Mong-Koo on the pages of BBC:

http://www.bbc.co.uk/worldservice/learningenglish/newsenglish/witn/2007/02/070205_hyundai.shtml

Does 'manage' means 'work'/''function' in this context (as an intransitive verb)? It is the last sentence:

The company had appealed for leniency, saying in effect it couldn't manage without the presence of its chairman.

Thanks for your help in advance.