March 16 (Reuters) - Air Canada AC.TO :
* AIR CANADA PROVIDES UPDATE ON RESPONSE TO COVID-19
* AIR CANADA - WITHDRAWS 2020 AND 2021 GUIDANCE
* AIR CANADA - CAPACITY REDUCTION OF 50 PERCENT IN Q2 VERSUS PRIOR YEAR'S QUARTER
* AIR CANADA - CURRENT LIQUIDITY LEVEL OF $7.3 BILLION
* AIR CANADA - FULL IMPACT AND DURATION OF CORONAVIRUS OUTBREAK IS UNKNOWN
* AIR CANADA - TO PRESERVE CASH, INITIATING COMPANY-WIDE COST REDUCTION & CAPITAL DEFERRAL PROGRAM, TARGETING AT LEAST $500 MILLION
* AIR CANADA - AIR CANADA SUSPENDED ITS SHARE REPURCHASE PROGRAM EFFECTIVE MARCH 2, 2020
* AIR CANADA - FOR Q2 OF 2020, CO EXPECTS, ON AVERAGE, SYSTEM ASM CAPACITY TO DECLINE BY APPROXIMATELY 50 PERCENT VERSUS COMPARABLE PERIOD IN 2019
* AIR CANADA - DREW DOWN US$600 MILLION REVOLVING CREDIT FACILITY
* AIR CANADA - DEPENDENT ON IMPACT OF COVID-19 VIRUS, CO WILL WORK WITH AIRCRAFT PARTNERS IN EXPLORING POTENTIAL DEFERMENT OF AIRCRAFT DELIVERIES
* AIR CANADA - HAS CANADIAN $200 MILLION REVOLVING CREDIT FACILITY WHICH CO INTENDS TO DRAW DOWN IN NEXT WEEK
* AIR CANADA - REDUCTION IN CAPACITY IN PACIFIC MARKETS FOR MONTH OF APRIL IS EXPECTED TO BE APPROXIMATELY 75 PERCENT
* AIR CANADA - COMPANY WILL CONTINUE TO PROACTIVELY ADJUST CAPACITY AS REQUIRED
* AIR CANADA - COMBINATION OF SIGNIFICANTLY LOWER JET FUEL PRICES, PROJECTED COST SAVINGS TO MITIGATE BETWEEN 50-60% OF TOTAL REVENUE LOSS FOR Q2 2020