Management teams and boards of directors are being tested like never before by the COVID-19 pandemic, and every day brings a long list of updates ranging from forecast suspensions, to job cuts, and more. And we want to make it easier for you to track those disclosures. So every morning, in this space, you can look forward to a quick snapshot of some of the notable updates from Corporate Canada on how they’re managing COVID-19 uncertainty.
-Chorus Aviation is suspending its dividend after the payment that’s scheduled for April 17 and sending home 3,000 employees as a result of the pandemic.
-Domtar is idling a pair of plants in the United States, resulting in 446 layoffs
-MTY Food Group said it has laid off half its workforce and is suspending its quarterly dividend.
-NFI Group is extending temporarily shutdowns of plants and says it’s in talks with banks about covenant relief.
-CT REIT disclosed that tenants representing 2.8 per cent of its rent base didn’t fulfill their obligations on April. The REIT says it’s take a case-by-case approach for those whose financial viability is in doubt.
-Choice Properties REIT today withdrew its 2020 forecasts due to uncertainty stemming from the virus. It also disclosed it will offer tenants 60-day rent deferral on a case-by-case basis.
-In his annual letter to shareholders that was released today, JPMorgan Chase & Co. CEO Jamie Dimon said his bank has run an extremely adverse scenario stress test to measure how it would fare if the U.S. economy shrinks as much as 35 per cent in the second quarter. Dimon says JPM would still be able to weather that storm but that it would likely consider suspending dividend payments.