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BRIEF-SNC-Lavalin Provides A Further Update On COVID-19, And Given Unprecedented Global Uncertainty, Withdraws Its 2020 Financial Outlook

Published 2020-03-27, 07:49 a/m
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March 27 (Reuters) - SNC-Lavalin Group Inc SNC.TO :

* SNC-LAVALIN PROVIDES A FURTHER UPDATE ON COVID-19, AND GIVEN UNPRECEDENTED GLOBAL UNCERTAINTY, WITHDRAWS ITS 2020 FINANCIAL OUTLOOK

* SNC-LAVALIN GROUP INC - ALL SNC-LAVALIN'S EXECUTIVE LEADERSHIP WILL BE TAKING A 20% REDUCTION IN SALARY

* SNC-LAVALIN GROUP INC - MANAGEMENT IS UNDERTAKING ACTIONS AND MEASURES TO ALIGN COST BASE OF COMPANY TO DELIVER COST SAVINGS AS WE START Q2

* SNC-LAVALIN GROUP INC - BOARD MEMBERS WILL TAKE A 20% REDUCTION IN CASH COMPENSATION FOR Q2

* SNC-LAVALIN GROUP INC - AT END OF Q4 OF 2019 SNC-LAVALIN HAD CASH AVAILABLE OF $1.2 BILLION AND A $2.6 BILLION REVOLVING CREDIT FACILITY

* SNC-LAVALIN GROUP INC - DISCRETIONARY EXPENDITURE NOT REQUIRED TO DIRECTLY SUPPORT CLIENT DELIVERY IS BEING SIGNIFICANTLY REDUCED

* SNC-LAVALIN GROUP INC - CAPITAL EXPENDITURE IS FROZEN

* SNC-LAVALIN - WHERE IT IS NOT POSSIBLE FOR EMPLOYEES TO CARRY ON CLIENT WORK, REMEDIAL ACTIONS ARE BEING TAKEN, INCLUDING REDUCED HOURS, FURLOUGHS

* SNC-LAVALIN GROUP INC - CLOSELY MONITORING SITUATION WITH REGARD TO LSTK INFRASTRUCTURE PROJECTS

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