The largest Brazilian travel operator CVC announced measures to reduce its cash burn at a time of zero revenue for the company with travel grinding to a halt worldwide due to the coronavirus pandemic, according to Brazil Journal.

CVC said it will reduce the workload by 50%; reduce the board and board salary by 50%; suspend new hires and promotions, freeze vacancies and hourly banks, postpone all non-priority projects and investments and renegotiate terms and payment terms with suppliers and return all charters.

Following these contingency measures, the company estimates that its recurring expenses will be around BRL 50 million ($10 million) per month, which could mean a cut between 40% and 50% in the company’s recurring costs, according to a specialist heard by Brazil Journal.