March 30, 2020 / 9:09 PM / in 2 months

Air Canada to furlough employees as coronavirus slams industry

FILE PHOTO: An Airbus A220-300 is seen at the Airbus facility in Mirabel, Quebec, Canada February 20, 2020. REUTERS/Christinne Muschi/File Photo

(Reuters) - Air Canada said on Monday it will cut second quarter capacity by 85%-90%, place about 15,200 unionized employees off duty and furlough about 1,300 managers as the coronavirus pandemic takes a toll on global travel and aviation.

The airline said it is drawing down about $1 billion in credit to bolster liquidity while senior executives will forgo between 25%-50% of their salary and board members agreed to a 25% cut.

Reporting by Rachit Vats in Bengaluru; Editing by Chris Reese

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