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About 3,000 people work at Bombardier’s private jet manufacturing facility in Toronto, with thousands more employees based at facilities in Quebec.

The senior leadership team will forgo pay during this period. The board has agreed to forgo pay for the rest of the year.

Bombardier also suspended its 2020 guidance.

“Since the coronavirus outbreak, the company has been focused on keeping our employees safe, serving our customers to the best of our ability during these difficult times and taking the necessary actions to protect our business for the long term,” chairman Pierre Beaudoin said in a statement.

“In addition to the actions announced today, Bombardier has cut all discretionary spending, is continuing the work on closing the previously announced transactions and is pursuing additional measures to enhance liquidity.”

The coronavirus pandemic hit as Bombardier was in the midst of multiple deals to shed assets to pay down its high debt and exclusively make private jets.

France’s Alstom was in the process of buying its rail division, while deals to sell parts of its commercial aviation businesses have yet to officially close. Analysts have questioned whether the deals will go through during the market rout.

Bombardier’s stock price has plummeted to 43 cents from about $1.21 when it announced it would become a pure-play private jet maker in February.

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