TORONTO - More major global airlines announced drastic measures to stay afloat during the coronavirus crisis, with Air Canada announcing it will cut capacity by as much as 90 per cent next quarter and temporarily reduce its workforce by about 16,500 to reduce costs.
Canada's biggest airline built a cash stash that puts it at an advantage in the current turmoil, analysts have said. The company has enough liquidity to meet financial obligations, TD Securities analyst Tim James wrote on March 27 after a call with management. Air Canada said it will draw down its operating lines of credit of about C$1 billion and said Rovinescu and chief financial officer Michael Rousseau will forgo their salary, while senior executives and board members will take a pay cut.
New Zealand's national carrier, which employs 12,500 people, warned the layoffs estimate was a"conservative" assumption and the numbers could rise if the domestic lockdown and border restrictions were extended.
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