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 US$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.