Alaska Airlines (NYSE:ALK) says it will cut its April and May flight schedules by 70% due to the unprecedented collapse in air travel caused by the coronavirus.

Alaska says flight schedules for June and beyond will be based on demand, but it expects reductions will be substantial for at least the next several months.

Like other airlines, Alaska says it has seen demand reductions of more than 80% since the outbreak began.

The company suspends its cash dividend, after previously halting its share buyback program.

The CEO and president will cut their pay by 100%, annual pay raises are suspended, hours will be reduced for management employees, and contractors and temporary workers will be released.

Also, Alaska says it has drawn down $400M on its line of credit and closed an additional secured loan for $425M.

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