Why are we conducting this survey?

In order to better measure and understand the impacts of the COVID-19 pandemic on businesses and other organizations, this survey collects data on revised capital spending intentions in Canada. The information is used by federal and provincial government departments and agencies, trade associations, universities and international organizations for policy development and as a measure of regional economic activity.

Your information may also be used by Statistics Canada for other statistical and research purposes.

Your participation in this survey is required under the authority of the Statistics Act.

Other important information

Authorization to collect this information

Data are collected under the authority of the Statistics Act, Revised Statutes of Canada, 1985, Chapter S-19.

Confidentiality

By law, Statistics Canada is prohibited from releasing any information it collects that could identify any person, business, or organization, unless consent has been given by the respondent, or as permitted by the Statistics Act. Statistics Canada will use the information from this survey for statistical purposes only.

Record linkages

To enhance the data from this survey and to reduce the reporting burden, Statistics Canada may combine the acquired data with information from other surveys or from administrative sources.

Data-sharing agreements

To reduce respondent burden, Statistics Canada has entered into data-sharing agreements with provincial and territorial statistical agencies and other government organizations, which have agreed to keep the data confidential and use them only for statistical purposes. Statistics Canada will only share data from this survey with those organizations that have demonstrated a requirement to use the data.

Section 11 of the Statistics Act provides for the sharing of information with provincial and territorial statistical agencies that meet certain conditions. These agencies must have the legislative authority to collect the same information, on a mandatory basis, and the legislation must provide substantially the same provisions for confidentiality and penalties for disclosure of confidential information as the Statistics Act. Because these agencies have the legal authority to compel businesses to provide the same information, consent is not requested and businesses may not object to the sharing of the data.

For this survey, there are Section 11 agreements with the provincial and territorial statistical agencies of Newfoundland and Labrador, Nova Scotia, New Brunswick, Quebec, Ontario, Manitoba, Saskatchewan, Alberta, British Columbia, and the Yukon.

The shared data will be limited to information pertaining to business establishments located within the jurisdiction of the respective province or territory.

Section 12 of the Statistics Act provides for the sharing of information with federal, provincial or territorial government organizations. Under Section 12, you may refuse to share your information with any of these organizations by writing a letter of objection to the Chief Statistician, specifying the organizations with which you do not want Statistics Canada to share your data and mailing it to the following address:

Chief Statistician of Canada
Statistics Canada
Attention of Director, Enterprise Statistics Division
150 Tunney's Pasture Driveway
Ottawa, Ontario
K1A 0T6

You may also contact us by email at statcan.esdhelpdesk-dsebureaudedepannage.statcan@statcan.gc.ca or by fax at 613-951-6583.

For this survey, there are Section 12 agreements with the statistical agencies of Prince Edward Island, the Northwest Territories and Nunavut as well as Environment and Climate Change Canada, Infrastructure Canada, the Canada Energy Regulator and Natural Resources Canada.

For agreements with provincial and territorial government organizations, the shared data will be limited to information pertaining to business establishments located within the jurisdiction of the respective province or territory.

Business or organization and contact information

1. Verify or provide the business or organization's legal and operating name and correct where needed.

Note: Legal name modifications should only be done to correct a spelling error or typo.

Legal Name
The legal name is one recognized by law, thus it is the name liable for pursuit or for debts incurred by the business or organization. In the case of a corporation, it is the legal name as fixed by its charter or the statute by which the corporation was created.

Modifications to the legal name should only be done to correct a spelling error or typo.

To indicate a legal name of another legal entity you should instead indicate it in question 3 by selecting 'Not currently operational' and then choosing the applicable reason and providing the legal name of this other entity along with any other requested information.

Operating Name
The operating name is a name the business or organization is commonly known as if different from its legal name. The operating name is synonymous with trade name.

Legal name

Operating name (if applicable)

2. Verify or provide the contact information of the designated business or organization contact person for this questionnaire and correct where needed.

Note: The designated contact person is the person who should receive this questionnaire. The designated contact person may not always be the one who actually completes the questionnaire.

• First name
• Last name
• Title
• Preferred language of communication
  • English
  • French
• Mailing address (number and street)
• City
• Province, territory or state
• Postal code or ZIP code
• Country
• Email address
• Telephone number (including area code)
• Extension number (if applicable)
  The maximum number of characters is 10.
• Fax number (including area code)

Capital Expenditures - Revised Intentions 2020

1. For 2020, what are this organization's intentions for non-residential capital expenditures?

Include:

• non-residential buildings, engineering works, and machinery and equipment
• new assets, renovations or betterments, and leasehold improvements
• additions to work-in-progress accounts (capital) during the year.

Exclude land, residential buildings, acquisition of used assets from within Canada, mineral exploration and evaluation, software, and other intangible assets.

Non-residential capital expenditures are the gross expenditures on tangible fixed assets during the year for use in the operations of your organization or for lease or rent to others, excluding residential structures (housing or units with exclusive use of bathroom and kitchen facilities).

Fixed assets are also known as capital assets or property, plant and equipment. They are items with a useful life of more than one year and are not purchased for resale but rather for use in the entity's production of goods and services. Examples are buildings, vehicles, leasehold improvements, furniture and fixtures, machinery, and computer software.

Gross expenditures are expenditures before deducting proceeds from disposals and credits.

Include:

• land improvements
• servicing residential areas (powerlines, natural gas distribution)
• buildings that have accommodation units without self contained or exclusive use of bathroom and kitchen facilities (e.g., student residences)
• townsite facilities such as streets and sewers
• additions to capital work in progress during the year
• capital costs such as feasibility studies, architectural, legal, installation and engineering fees
• capitalized interest charges on loans with which capital projects are financed
• work done by own labour force (installation, renovations)
• assets acquired as a lessee through either a capital or financial lease
• assets acquired for lease to others as an operating lease (as lessor).

Exclude:

• residential buildings (housing or units with self contained or exclusive use of bathroom and kitchen facilities)
• acquisition of companies and associated assets
• acquisition of used Canadian assets
• transfers from capital work in progress to fixed assets accounts
• property developed for sale and machinery or equipment acquired for sale (inventory)
• assets acquired to lease to others under a capital/financial lease (as lessor)
• software purchases and software development costs
• mineral exploration and evaluation expenditures.

CAN$ '000

No change from previously reported intentions for non-residential capital expenditures

2. Indicate the reason you are not reporting 2020 intentions for non-residential capital expenditures.

• Zero capital expenditure intentions for 2020
• Figures not available at this time but a decrease is expected
• Figures not available at this time but an increase is expected

Indicate the estimated decrease in percentage.

Percentage

Indicate the estimated increase in percentage.

Percentage

Changes or events

3. Indicate any changes or events that affected the reported values for this business or organization, compared with the last reported intentions.

Select all that apply.

• Labour shortages or employee absences
• Disruptions in supply chains
• Deferred plans to future or projects on hold
• Projects cancelled or abandoned
• Price changes in goods or services sold
• Price changes in labour or raw materials
• Sold business or business units
• Expansion
• New or lost contract
• Increased or decreased market demand
• End of business activities
• Change in business activity
• Other
  Specify the other changes or events:
• No changes or events

Contact person

4. Statistics Canada may need to contact the person who completed this questionnaire for further information.

Is the provided given names and the provided family name the best person to contact?

• Yes
• No

Who is the best person to contact about this questionnaire?

First name:

Last name:

Title:

Email address:

Telephone number (including area code):

Extension number (if applicable):
The maximum number of characters is 5.

Fax number (including area code):

Feedback

5. Do you have any comments about this questionnaire?

Sixth Canadian Statistics Advisory Council (CSAC) Meeting

Date: May 22 2020, 1:00pm to 4:00pm

Location: Virtual meeting

Meeting agenda

Meeting agenda

Time	Agenda Item	Lead Participant(s)
12:50 - 13:00	Virtual Arrival	CSAC Members
13:00 - 13:05	Chairperson introductory remarks	Teresa Scassa: Chairperson
13:05 - 13:25	Update from the Chief Statistician of Canada In camera discussion	Anil Arora: Chief Statistician of Canada Lynn Barr-Telford: Assistant Chief Statistician André Loranger: Assistant Chief Statistician Greg Peterson:Assistant Chief Statistician Yvan Clermont: Director General
13:25 - 13:45	Roundtable Discussion In camera discussion	CSAC members
13:45 - 14:15	Update on Annual Report In camera discussion In depth discussion on the section of the report Section 1 (30 min)	CSAC members and Rosemary Bender
14:15 - 14:25	Health Break
14:25 - 15:25	Update on Annual Report In camera discussion In depth discussion on the section of the report Section 2 (30 min) Section 3 (30 min)	CSAC members and Rosemary Bender
15:25 - 15:45	Future Planning In camera discussion	CSAC members
15:45 - 16:00	Closing remarks In camera	Teresa Scassa: Chairperson

Fifth Canadian Statistics Advisory Council (CSAC) Meeting

Date: April 24 2020, 1:00pm to 4:00pm

Location: Virtual meeting

Meeting agenda

Meeting agenda

Time	Agenda Item	Lead Participant(s)
12:50 - 13:00	Virtual Arrival	CSAC Members
13:00 - 13:05	Chairperson introductory remarks and updates	Teresa Scassa: Chairperson
13:05 - 13:10	Update from the Chief Statistician of Canada	Anil Arora: Chief Statistician of Canada
13:10 - 13:35	Update on Statistics Canada and COVID-19	Andre Loranger: Assistant Chief Statistician, Strategic Data Management, Methods and Analysis field Yvan Clermont: Director General, Analytical Studies
13:35 - 13:55	Discussion on Statistics Canada and COVID-19	CSAC members Andre Loranger Yvan Clermont
13:55 - 14:10	Overview of Annual Report In camera discussion
14:10 - 15:30	Update on Annual Report In camera discussion In depth discussion on the section of the report Section 1 (20 min) Section 2 (20 min) Section 3 (20 min) Section 4 (20 min)	CSAC members and Rosemary Bender
15:30 - 15:45	Future Planning In camera discussion	CSAC members
15:45 - 16:00	Closing remarks In camera	Teresa Scassa: Chairperson

Activity on this program started: March 20, 2020

March 2020

As of reference month January 2020, the Monthly Oil and Other Liquid Petroleum Products Survey (MOPS) has been redesigned, including the expansion of the survey coverage, new content, new questionnaire, etc.

January 2020 saw the launch of the new Monthly Energy Transportation and Storage Survey (METSS) program which replaces MOPS. Two new tables have been added to replace Table 25-10-0056-01 – Canadian pipeline transport of oil and other liquid petroleum products, monthly:

• Table 25-10-0075-01 – Crude oil and petroleum products inventories, held by domestic transporters, by product type, monthly; and
• Table 25-10-0077-01 – Crude oil and petroleum products movements, by mode of transport and by product type, monthly

Content has changed to reflect the evolving petroleum industry. In addition to pipeline companies, rail and marine transportation companies are now in sample as well as an expanded product list. These data will be available in the future. The conceptual changes regarding the transition from MOPS to METSS includes a new methodology for estimates. METSS coverage was expanded to include pipeline-associated terminals that were not previously captured in the MOPS and therefore data users can expect estimates to generally be higher. As a result of these changes, the METSS estimates may not be comparable with the estimates available in the MOPS tables published prior to January 2020. Net variables such as deliveries to refineries and receipts from fields and plants have been removed. Data is now structured as gross receipts and deliveries.

Reporting for MOPS used a 'net receipt and delivery' methodology whereas the current METSS uses a 'gross receipt and delivery' methodology. The 'net receipt and delivery' concept for MOPS did not include (netted-out) the intermediary transactions to create final estimates whereas the 'gross receipt and delivery methodology' for METSS includes all intermediary receipts and delivery transactions to calculate final estimates. With the gross receipt methodology being used, pipeline receipt and delivery estimates will generally be higher.

For METSS, the province where the transaction originated is the 'shipping region' and the final destination of the product is included in the table as 'receiving region'. MOPS recorded transactions based on the final destination of the product (province of clearance). METSS currently reports transactions based on an origin-destination approach, meaning that there are two sides to each transaction, both of which are reported.

An example of how estimates will change under the new methodology: from a METSS perspective, crude oil loaded in Alberta, crossing Saskatchewan and ultimately crossing the Canada-US border from Manitoba would be counted as an export from Alberta into the US.  From a MOPS province of clearance perspective, this same scenario would result in the export figure being attributed to Manitoba since the crude oil crossed (cleared) the Canada-US border from Manitoba, despite the crude oil being loaded in Alberta.

This change in methodology between MOPS and METSS is the result of further leveraging a key administrative (Petrinex) dataset which allows for the collection of approximately 70% of pipelines in sample while significantly reducing respondent burden. The METSS program also allows for the Monthly Refined Petroleum Products Survey program to more accurately track inter-provincial movements of crude oil, petroleum products and renewable fuels across the country.

COVID-19 timeline

• On May 1^st, the Government of Nova Scotia announced it was renewing the state of emergency under the authority of the Emergency Management Act effective May 3^rd until May 17^th.
• On May 1^st, the Government of Saskatchewan announced it will begin Phase 1 of the Re-Open Saskatchewan plan on May 4^th, gradually and slowly lifting restrictions related to the COVID-19 pandemic.
• On May 6^th, the Government of British Columbia announced a phased approach to restarting the province. The Government said the province was currently in Phase 1 and that Phase 2 would begin in mid-May, which includes opening more non-essential businesses in keeping with safe operations plans.
• On May 8^th, the Government of New Brunswick announced the province's COVID-19 recovery plan had transitioned to the next phase, which includes the resumption of elective surgeries and the reopening of businesses and activities while working to prevent a resurgence of transmission.
• On May 8^th, the Government of Prince Edward Island announced a further easing of public health measures, which included permitting indoor and outdoor gatherings of a limited size, while maintaining physical distancing as much as possible.
• On May 9^th, the Government of Ontario announced it was opening provincial parks and conservation areas for limited day-use access and that recreational activities would be limited to walking, hiking, biking, and birdwatching.
• On May 10^th, the Government of Newfoundland and Labrador announced it would enter Alert Level 4 on May 11^th which permits the gradual resumption of some activities and business operations.
• On May 12^th, the Government of the Northwest Territories announced that the territory-wide Public Health Emergency and the State of Emergency had been extended effective May 13 until May 26, 2020. On May 26^th, the Government extended the emergencies until June 9^th.
• On May 12^th, the Government of Ontario announced it was extending the Declaration of Emergency under the Emergency Management and Civil Protection Act until June 2^nd. On May 27^th, the Government extended all emergency orders in force under the Emergency Management and Civil Protection Act until June 9^th.
• On May 13^th, the Government of British Columbia announced it was extending the provincial state of emergency through May 26, 2020. On May 27^th, the Government said it was extending the state of emergency until June 9^th.
• On May 13^th, the Government of Alberta announced that some businesses and facilities could start to resume operations on May 14^th in all areas except the cities of Calgary and Brooks.
• On May 15^th, the Government of Manitoba announced it had extended a province-wide state of emergency under The Emergency Measures Act, effective May 17^th for a period of 30 days.
• On May 28^th, the Government of New Brunswick announced the declaration of emergency under the Emergency Measures Act had been extended for another 14 days.

Selected COVID-19 responses

• On May 5^th, the Government of Canada announced measures within agriculture programs and an investment of more than $252 million to support farmers, food businesses, and food processors. The Government said it intends to propose an additional $200 million in borrowing capacity for the sector.
• On May 7^th, the Government of Canada announced that all provinces and territories had confirmed, or were in the process of confirming, plans to cost share wage top-ups for their essential workers. The Government said it would provide up to $3 billion in support to increase the wages of low-income essential workers and that each province or territory would determine which workers would be eligible for support, and how much they would receive.
• On May 7^th, the Government of Manitoba announced it was increasing infrastructure investments by an additional $500 million as part of an economic stimulus package to help restart Manitoba's economy in the wake of the COVID-19 pandemic.
• On May 11^th, the Government of Canada announced measures to support large and medium-sized businesses, including:
  • Establishing a Large Employer Emergency Financing Facility (LEEFF) to provide bridge financing to Canada's largest employers;
  • Expanding the Business Credit Availability Program (BCAP) to mid-sized companies with larger financing needs, including loans of up to $60 million per company and guarantees of up to $80 million; and
  • Continuing to provide financing to businesses through Farm Credit Canada, the Business Development Bank of Canada (BDC), and Export Development Canada (EDC), including through the Canada Account.
• On May 12^th, the Government of Canada announced a series of measures to help Canadian seniors, including:
  • Providing additional financial support of $2.5 billion for a one-time tax-free payment of $300 for seniors eligible for Old Age Security (OAS) pension, with an additional $200 for seniors eligible for the Guaranteed Income Supplement (GIS);
  • Expanding the New Horizons for Seniors Program with an additional investment of $20 million; and
  • Temporarily extending GIS and Allowance payments if seniors' 2019 income information has not been assessed.
• On May 15^th, the Government of Canada announced it would extend the Canada Emergency Wage Subsidy (CEWS) by an additional 12 weeks to August 29, 2020.
• On May 19^th, the Government of Canada announced an expansion to the eligibility criteria for the Canada Emergency Business Account (CEBA) to allow more Canadian small businesses to access interest free loans that will help cover operating costs during a period when revenues have been reduced, due to the pandemic.
• On May 20^th, the Government of Yukon announced that the Yukon Business Relief Program was being extended to provide continued support to Yukon businesses affected by the COVID-19 pandemic.

Resources

• Calgary-based Canadian Natural Resources Limited announced on May 7^th that it was reducing its 2020 capital expenditure budget by an additional $280 million beyond the March 18, 2020 update. The company said that capital expenditures are now targeted to be approximately $2.68 billion, a $1.37 billion reduction from its original 2020 budget released in December 2019.
• Calgary-based Enbridge Inc. announced on May 7^th that it had initiated actions to reduce costs by approximately $300 million in 2020, including reductions to outside services and supply chain costs, company-wide salary rollbacks and a voluntary workforce reductions program. Enbridge also said that its 2020 capital expenditures will be approximately $1 billion lower than budgeted and that the deferred capital will be shifted into 2021.
• Calgary-based Suncor Energy Inc. announced on May 5^th that it had decided to further reduce the 2020 capital expenditure range to $3.6 billion to $4.0 billion, representing a further capital reduction of $400 million at mid‑point compared to the previous guidance. Suncor said that combined with the March 23, 2020 guidance updates, capital guidance has been reduced by $1.9 billion or approximately 33% compared to the original 2020 plan, and operating costs across the business by $1 billion or approximately 10% compared to 2019 levels.

Transportation

• Montreal-based Air Canada announced on May 4^th that it had adopted the Canada Emergency Wage Subsidy (CEWS) for most of its workforce which allowed it to return previously furloughed Canadian-based employees to its payroll for the March 15 to June 6, 2020 period. The Canadian Union of Public Employees reported on May 21^st that Air Canada had recently announced that it will reduce its workforce by up to 60%.
• Montreal-based Air Canada announced on May 22^nd that due to COVID-19 it had to abridge its selling schedule for summer 2020, with 97 destinations down from 220 last year. The company said that within Canada, the schedule will increase from 34 routes in May to 58 routes in June, with more routes added in August and September. The company also said it will resume service to the U.S. on May 22^nd.
• Calgary-based WestJet Airlines Ltd. announced it had updated its schedule from June 5^th through to July 4, 2020 to address significantly reduced guest demand for air travel. WestJet also said it was extending its temporary transborder and international route suspensions through June 25, 2020.
• Burlington, Ontario-based Greyhound Canada announced that due to the COVID-19 pandemic, it was suspending all Greyhound Canada service until passenger travel demand recovers. The company said the temporary service suspension would take effect May 13, 2020.

Manufacturing

• On April 29^th, Japan-based Toyota Motor Corporation announced it would postpone its ramp up of its North American manufacturing operations from the week of May 4^th to the week of May 11^th.
• On May 4^th, Toronto-based De Havilland Aircraft of Canada Limited announced that the company had started a phased return to work of employees and a measured resumption of activities. The company said the return to work follows the temporary suspension of manufacturing operations on March 20^th.
• On May 6^th, Michigan-based General Motors Co. announced it was targeting to restart the majority of its manufacturing operations in the U.S. and Canada on May 18^th.
• On May 7^th, Bombardier, Inc. announced it had begun the gradual resumption of manufacturing operations at both Aviation and Transportation to deliver the rail backlog and to continue the production ramp-up of the Global 7500.
• On May 7^th, Michigan-based Ford Motor Company announced was targeting a phased restart for its North America operations beginning May 18^th, including restarting vehicle production in North America. Ford said the Oakville Assembly Complex in Oakville, Ontario, was expected to resume production the week of May 25^th on one shift.
• On May 8^th, Japan-based Honda Motor Co. Ltd announced that starting May 11^th, the company would gradually resume production of automobile, engine, and transmission production at its plants in the U.S. and Canada. Honda said the suspension of automobile production began on March 23^rd.

Other news

• Quebec's minimum wage increased from $12.50 per hour to $13.10 per hour on May 1^st.
• Montreal-based Reitmans (Canada) Limited announced it was seeking protection under the Companies' Creditors Arrangement Act in order to facilitate its operational, commercial and financial restructuring. The company said it will remain fully operational through its brands' e-commerce websites; all physical stores will re-open in conformity with provincial and regional governmental guidelines.
• Montreal-based Aldo Group Inc. announced it had placed itself under the protection of the Companies' Creditors Arrangement Act in Canada and had decided to take similar reorganization procedures in the United States and Switzerland. Aldo said it would continue to operate throughout this process.

United States and other international news

• The Bank of England's Monetary Policy Committee (MPC) voted on May 6^th to maintain the Bank Rate at 0.1%. The last change in the bank rate was a 65 basis points reduction in March 2020. The MPC also voted to continue with the programme of £200 billion of UK government bond and sterling non-financial investment-grade corporate bond purchases, financed by the issuance of central bank reserves, to take the total stock of these purchases to £645 billion.
• The Reserve Bank of Australia (RBA) maintained the target for the cash rate and the yield on 3-year Australian Government bonds at 0.25%. The last change in the target for the cash rate was a 50 basis points reduction in March 2020. The RBA also said it had scaled back the size and frequency of bond purchases, which to date have totalled around AUD $50 billion.
• The Reserve Bank of New Zealand (RBNZ) left the Official Cash Rate (OCR), its main policy rate, unchanged at 0.25%. The last change in the OCR was a 75 basis points reduction in March, 2020. The RBNZ also agreed to expand the Large Scale Asset Purchase (LSAP) programme potential to NZD $60 billion, up from the previous NZD $33 billion limit, which includes NZ Government Bonds, Local Government Funding Agency Bonds and, now, NZ Government Inflation-Indexed Bonds.
• The Bank of Japan (BoJ) announced it will continue to apply a -0.1% interest rate to the Policy-Rate Balances in current accounts held by financial institutions at the BoJ and that it would continue to purchase Japanese government bonds (JGBs) so that the 10-year JGB yields will remain at around zero percent. The BoJ also said, with regards to asset purchases other than JGB purchases, it would (i) actively purchase exchange-traded funds (ETFs) and Japan real estate investment trusts (J-REITs) for the time being, (ii) maintain CP and corporate bond amounts outstanding at about ¥2 trillion and ¥3 trillion, respectively, and (iii) provide funds to eligible counterparties against pooled collateral for up to 1 year at the loan rate of 0 percent to further support financing mainly of small and medium-sized firms.
• The Executive Board of Norway's Norges Bank lowered the policy rate by 25 basis points to 0.00%. The last change in the policy rate was a 125 basis point reduction in March.
• The Executive Board of Norway's Norges Bank also announced it had decided to exclude seven companies from the Government Pension Fund Global, including Canadian Natural Resources Limited, Cenovus Energy Inc., Suncor Energy Inc., Imperial Oil Limited, ElSewedy Electric Co, Vale SA, and Centrais Eletricas Brasileiras SA.
• Germany-based Deutsche Lufthansa AG announced that the Economic Stabilization Fund (WSF) of the Federal Republic of Germany had approved the stabilization package for the company, including stabilization measures and loans of up to €9 billion. The company said the WSF will subscribe to shares by way of a capital increase in order to build up a 20% stake in the share capital of Deutsche Lufthansa AG.
• Chile-based LATAM Airlines Group S.A. announced that it and its affiliates in Chile, Peru, Colombia, Ecuador, and the United States initiated a voluntary reorganization and restructuring of their debt under Chapter 11 protection in the United States. LATAM said the group had secured the financial support of shareholders to provide up to $900 million in debtor-in-possession financing.
• Illinois-based Boeing Co. announced it had resumed production of the 737 MAX at its Renton, Washington factory. Boeing also announced it would start involuntary layoffs and that 6,770 U.S. team members will be affected.
• UK-based Rolls-Royce Holdings plc announced it was proposing a major reorganization of its business to adapt to the new level of demand it is seeing from customers, and, as a result, the company expects the loss of at least 9,000 roles from its global workforce of 52,000.
• Texas-based Neiman Marcus Group LTD LLC announced it had entered into a Restructuring Support Agreement with a significant majority of its creditors to undergo a financial restructuring, and that it had commenced voluntary Chapter 11 proceedings. The company said it had secured debtor-in-possession financing of USD $675 million from creditors to enable business continuity throughout proceedings.
• New York-based J. Crew Group, Inc. announced it had reached an agreement with its lenders under which the company would restructure its debt and deleverage its balance sheet and that, to facilitate the restructuring, the parent company of J. Crew Group, Inc., Chinos Holdings, Inc. and certain affiliates had filed voluntary petitions for relief under Chapter 11 of the U.S. Bankruptcy Code. J. Crew said it had secured commitments for a debtor-in-possession financing facility of USD $400 million and that it expects to support its operations during the restructuring process.
• Texas-based J.C. Penney Company, Inc. announced it had filed voluntary petitions for reorganization under Chapter 11 of the U.S. Bankruptcy code. The company said it had received commitments for USD $900 million in debtor-in-possession financing and that, as part of its ongoing transformation, the company will reduce its store footprint in phases throughout the Chapter 11 process.
• Florida-based Hertz Global Holdings, Inc. announced it and certain of its U.S. and Canadian subsidiaries had filed for voluntary petitions for reorganization under Chapter 11 in the U.S. Bankruptcy court. Hertz said all of its businesses globally are open and serving customers.
• Ohio-based L Brands announced it will close approximately 250 Victoria's Secret stores in the U.S. and Canada in 2020.

Financial market news

• West Texas Intermediate crude oil closed at USD $35.49 per barrel on May 29^th, up from a closing value of USD $18.84 at the end of April. Western Canadian Select crude oil continued to trade lower but rose steadily throughout the month. The Canadian dollar closed at 72.53 cents U.S. on May 29^th, up from 71.89 cents U.S. at the end of April. The S&P/TSX composite index closed at 15,192.83 on May 29^th, up from 14,780.74 at the end of April.