The travel company Tui is getting help from the state because of the Corona crisis. The group agreed with the federal government on a sum of 1.8 billion euros.
The Tui Group receives further state aid against a possible financial crash in the Corona crisis. As the world’s largest travel operator from Hanover announced on Wednesday, Tui agreed with private investors, banks and the federal government on a financing package with a volume of 1.8 billion euros.
This had become necessary “because of the increasing travel restrictions due to the increasing number of infections and the associated short-term booking behavior of some customers”.
Tui had already received billions in loans
The Federal Ministry of Economics said that the measures decided on Wednesday were “important, because the company was profitable before the crisis and as a company in the travel industry is struggling with unprecedented difficulties due to the Corona crisis.” It is therefore planned that the Economic Stabilization Fund (WSF) will support the group with up to 1.1 billion euros. Up to 400 million euros of this would “possibly also be taken over by contributions from the federal states”.
According to the ministry, 200 million euros are covered by a secured bank loan from the special program of the KfW development bank. In addition, a capital increase of around 500 million euros is planned, which will be secured by major shareholders and investment banks.
Tui had already received a loan of 1.8 billion euros in the corona pandemic in March. In August, the federal government and the company agreed on an additional stabilization package worth 1.2 billion euros.