chorus aviation dividend cut

Full Disclaimer. The board of directors has also taken a 25 per cent cut in fees. All rights reserved. #Repost HALIFAX — Chorus Aviation Inc. is suspending its dividend, temporarily laying off staff and cutting executive salaries as it deals with the fallout from COVID-19. Click here to subscribe. It says its Air Canada Express flying has been reduced by approximately 90 per cent for April and May, resulting in significant temporary employee reductions. This translation has been automatically generated and has not been verified for accuracy. Chorus Aviation pays an annual dividend of C$0.36 per share, with a dividend yield of … Air Canada Express flying has been reduced by approximately 90 per cent for April and May, resulting in significant temporary employee reductions, Chorus said. HALIFAX -- Shares of Chorus Aviation Inc. fell as much as 12.7 per cent Wednesday after the regional aviation company reported third-quarter results that missed expectations as it continues to feel the effects of COVID-19. By checking this box, I agree to the terms of service and privacy policy of Rogers Media. © Copyright 2020 The Globe and Mail Inc. All rights reserved. The company, which operates regional aircraft for Air Canada, says its main customer and partner has slashed its network-wide capacity in the second quarter. Learn more: https://t.co/P4C22vz9Pb. The board of directors has also taken a 25-per-cent cut in fees. Some information in it may no longer be current. “Our industry is facing its worst crisis in history. This is a space where subscribers can engage with each other and Globe staff. In addition to the temporary layoffs noted above, Joe Randell, president and CEO of Chorus, will forgo 70 per cent of his salary, members of the executive team will forgo up to 50 per cent of their salary, and the board of directors has taken a 25 per cent reduction in fees. public health has COVID advice for the holiday mummering tradition, Ethics watchdog sends 'letter of concern' to MP who employed sister, Inquiry hears money laundering concerns at B.C. We didn't recognize that password reset code. “We’re prudently and responsibly managing our financial resources to secure our future and eliminating all discretionary cash outflows thus requiring a suspension of our dividend,” he said. Wings Staff. Read our. https://t.co/x1q4GnIpry, . {* traditionalSignIn_signInButton *}, {* backButton *} NAV CANADA introduces ATC service in Red Deer, Leonardo outlines progress of Cormorant upgrade project at MASS, Twenty questions with new 5 Wing commander Guy Parisien, CAE lays off 2,600 employees, designs ventilator, GTAA outlines COVID-19 impact, need for more government support. The company’s Voyageur subsidiary, which represents less than 10 per cent of Chorus’ consolidated revenue and net income, provides specialty contract flying, primarily for international organizations engaged in humanitarian missions, and specialty maintenance, repair, overhaul (MRO) and parts sales. The company, which operates regional aircraft for Air Canada, said its main customer and partner has slashed its network-wide capacity in the second quarter. Chorus also notes, that as with many leasing companies, it has received requests from substantially all of its Regional Aircraft Leasing segment customers for some form of temporary rent relief. Members of the air detachment on board HMCS HALIFAX disarm an MK-46 Torpedo on a CH-148 Cyclone helicopter as part of a training exercise during Operation REASSURANCE, in the Atlantic Ocean, on July 15, #RCAF #RCAFProud, Transportation Safety Board tables annual report, highlighting the downward trend in Canadian-registered-aircraft accidents and the agency’s more efficient investigation process. Chorus points to the International Air Transport Association currently estimating a US$252 billion year-on-year loss in passenger revenue worldwide. Please log in to listen to this story. Chorus explains it is suspending its dividend following payment of the previously declared dividend payable on April 17, 2020, to shareholders of record on March 31, 2020. I'm a print subscriber, link to my account, Read more about following topics and authors. Chorus Aviation declared a monthly dividend on Friday, March 20th. HALIFAX — Chorus Aviation Inc. is suspending its dividend, temporarily laying off staff and cutting executive salaries as it deals with the fallout from COVID-19. Your email address will not be published. “While the majority of employees impacted are in operations – pilots, flight attendants, customer service agents and line and heavy maintenance – reductions will occur throughout the organization and include management and administrative employees,” spokeswoman Manon Stuart said. Voyageur is experiencing continued demand overseas, explains Chorus, to support humanitarian efforts, contracted flying for cargo services, and there has been no interruption to the air ambulance operation in New Brunswick. In addition, Chorus has executed a letter of offer with Export Development Canada to provide an unsecured US$100 million revolving credit facility – repayable in two years – to be used for general corporate purposes, in an effort to bolster its liquidity position. If you are looking to give feedback on our new site, please send it along to, To view this site properly, enable cookies in your browser. The company will also suspend its dividend following its regular monthly payment to shareholders of four cents per share on April 17 in an effort to preserve cash and help strengthen its balance sheet. In an effort to preserve cash to strengthen its position through the crisis, no further dividends will be paid until further notice and its dividend reinvestment program (DRIP) will also be suspended. We aim to create a safe and valuable space for discussion and debate. Bombardier, with the temporary suspension of its production line, has notified Chorus of a temporary delay in the production of its order of nine Bombardier CRJ900 aircraft that were originally scheduled for delivery in 2020. Your existing password has not been changed. @Telegraph: The first official in-flight call took place on an @Emirates service between #Dubai and Casablanca in 2008. The period of relief most commonly spans three months. 333 Bloor Street East, Toronto, Ontario M4W 1G9 © 2002-2020 Rogers Media. Photo: NASA, Boeing reports Q2 2019, with revenue dropping 35% and commercial aircraft deliveries dropping 54% relative to Q2 2018, as it takes a US$5.6B charge because of the 737 MAX grounding. Since then, dozens of airlines have signed up to the technology. We hope to have this fixed soon. In 2019, the stock paid out $55.3 million in … Audio for this article is not available at this time. Programs rooted in heritage helping Indigenous men succeed, COVID-19 projections have Ontario potentially topping 6,000 cases a day by mid-December, Raptors president Ujiri hopes his team can play in Toronto as COVID-19 cases spike, B.C. Readers can also interact with The Globe on Facebook and Twitter . Chorus Aviation could reverse dividend cut when Air Canada spat is resolved, CEO says Back to video Shares in the parent company of Jazz Aviation have fallen nearly 40% since May 9 when it made the surprise announcement it would halve its dividend to 30¢ a share annually. In addition to the temporary layoffs noted above, Joe Randell, president and CEO of Chorus, will forgo 70 per cent of his salary, members of the executive team will forgo up to 50 per cent of their salary, and the board of directors has taken a 25 per cent reduction in fees. An Air Canada Jazz aircraft sits at a terminal at the Ottawa airport on April 13, 2012. , THE CANADIAN PRESS/Adrian Wyld. {* legalAcceptanceAcceptButton *}, {* backButton *} About 3,000 workers have been placed on temporary layoff or off-duty status, the company said in an e-mail. South Asian community hit harder by COVID-19: top doctor, Ford refutes claims he ignored medical advice with COVID-19 framework: 'That's totally inaccurate', 1 injured, 1 in custody after stabbing near Morningside and Kingston Road, N.L. An error has occurred while trying to update your details. By You have activated your account, please feel free to browse our exclusive contests, videos and content. We've sent an email with instructions to create a new password. Sign up today. Welcome to The Globe and Mail’s comment community. In addition, the company says chief executive Joe Randell will forgo 70 per cent of his salary and members of the executive team will forgo up to 50 per cent of their salary. This report by The Canadian Press was first published April 6, 2020. The company, which operates regional aircraft for Air Canada, said its main customer and partner has slashed its network … Enter your email address to get a new one. The company will also suspend its dividend after its regular monthly payment to shareholders of four cents a share on April 17 in an effort to preserve cash and help strengthen its balance sheet.

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