Noah Zivitz

Managing Editor, BNN Bloomberg

Archive

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.

-TransAlta is pointing to $1.7 billion in liquidity as a sign it's "in a strong financial position", while noting it will be able to meet a debt maturity coming up in November. The power company also said it's confident that it can continue to fund dividends.

-Cineworld is suspending its dividend as part of its strategy to conserve cash, while simply stating in its filing with the London Stock Exchange that it “continues to monitor progress of [its] proposed acquisition of Cineplex.” Cineplex shares have tumbled almost 67 per cent since the end of February, and closed yesterday at less than one-third of the agreed-upon $34/share takeover price.

-Organigram Holdings is temporarily laying off 400 employees, representing 45 per cent of its workforce, with the “primary” reason being virus containment. The Moncton-based pot producer said it believes it has enough inventory to meet demand as harvesting slows as a result of the furloughs.

-Air Canada delivered some relief to its Altitude loyalty members late yesterday, announcing their status will be extended to the end of 2021.

-Torstar's CEO informed staff yesterday of 85 job cuts designed to "address the serious impact of COVID-19" as advertising revenue dries up.

-Maple Leaf Foods disclosed today that two of its plant workers (one in Hamilton, Ont; the other at Brampton, Ont.) tested positive for COVID-19 yesterday. The meat processor said normal operations resumed at those facilities today.