(Reuters) – Expedia Group Inc said on Thursday it was raising $3.2 billion in fresh capital to boost its liquidity, in an effort to ride out a coronavirus-driven collapse in travel demand.

The company also named Vice Chairman Peter Kern as its chief executive officer and said it would abandon its dividend, implement furloughs and reduce work-week programs to save cash.

Shares of Expedia, which have declined about 43% this year, rose nearly 3% before the bell.

The online travel group said private equity firms Silver Lake Partners and Apollo Global Management Inc would invest about $1.2 billion in the company and would have board representation upon the closing of the deal in May.

Expedia will also raise about $2 billion in new debt.

Travel companies around the world are rushing to shore up finances after a steep fall in demand due to travel restrictions imposed to curb the spread of the coronavirus, which has infected more than 2.6 million people globally.