March 30 (Reuters) - Air Canada AC.TO :
* AIR CANADA PROVIDES UPDATE IN RESPONSE TO COVID-19
* AIR CANADA - AIRLINE WILL REDUCE CAPACITY FOR Q2 OF 2020 BY 85%-90% COMPARED TO LAST YEAR'S Q2
* AIR CANADA - WORKPLACE REDUCTIONS WILL BE EFFECTIVE ON OR ABOUT APRIL 3 AND ARE INTENDED TO BE TEMPORARY
* AIR CANADA - WILL PLACE 15,200 MEMBERS OF ITS UNIONIZED WORKFORCE ON OFF DUTY STATUS AND FURLOUGH ABOUT 1,300 MANAGERS
* AIR CANADA - COMPANY-WIDE COST REDUCTION AND CAPITAL DEFERRAL PROGRAM, TARGETING AT LEAST $500 MILLION
* AIR CANADA - DRAWING DOWN OPERATING LINES OF CREDIT OF APPROXIMATELY $1 BILLION, TO PROVIDE ADDITIONAL LIQUIDITY
* AIR CANADA - CEO CALIN ROVINESCU AND DEPUTY CHIEF EXECUTIVE AND CFO MICHAEL ROUSSEAU HAVE AGREED TO FORGO 100% OF THEIR SALARY
* AIR CANADA - SENIOR EXECUTIVES WILL FORGO BETWEEN 25% - 50% OF THEIR SALARY WHILE MEMBERS OF CO'S BOARD HAVE AGREED TO A 25% REDUCTION
* AIR CANADA - ALL OTHER AIR CANADA MANAGERS WILL HAVE THEIR SALARIES REDUCED 10% FOR ENTIRE Q2
* AIR CANADA - AIR CANADA SUSPENDED ITS SHARE REPURCHASE PROGRAM EFFECTIVE MARCH 2, 2020