TUI returning 700 million euro credit line
TUI will return the first tranche of the government backed credit lines given during the pandemic.
It will return about €700m on 1 April 2022.
A large part of this is the KfW Revolving Credit Facility (RCF).
TUI says this ‘rescue umbrella’ was important during the pandemic and the associated massive restrictions on TUI’s business.
Fritz Joussen, CEO TUI Group: “TUI was a very healthy company before the pandemic. The worldwide travel restrictions, especially at the beginning of the pandemic, almost completely deprived us of our business basis.”
“That is why temporary aid was important and right. Thanks to the credit lines from the German federal government and from the private banks and the contribution of our shareholders, we have steered TUI safely through its most serious crisis.”
As of 28 March, TUI had liquidity of €4.1 billion.
Minus the partial return on 1 April, the liquidity stands at €3.4 billion.
It says summer 2022 bookings are at 80% of 2019
Bookings in key markets remained largely unaffected by the Russia- Ukraine conflict
It sees subdued levels only in Nordic countries and in Poland.
Ray Monty
Vegas’s Billion-Dollar Secrets – What They Don’t Want Tourists to Know
Visit Florida’s New CEO Bryan Griffin Shares His Vision for State Tourism with Graham
Chicago’s Tourism Renaissance: Graham Interviews Kristin Reynolds of Choose Chicago
Graham Talks with Cassandra McCauley of MMGY NextFactor About the Latest Industry Research
Destination International’s Andreas Weissenborn: Research, Advocacy, and Destination Impact
Graham and Don Welsh Discuss the Success of Destinations International’s Annual Conference
Graham and CEO Andre Kiwitz on Ventura Travel’s UK Move and Recruitment for the Role
Brett Laiken and Graham Discuss Florida’s Tourism Momentum and Global Appeal
Graham and Elliot Ferguson on Positioning DC as a Cultural and Inclusive Global Destination
Graham Talks to Fraser Last About His England-to-Ireland Trek for Mental Health Awareness
Kathy Nelson Tells Graham About the Honour of Hosting the World Cup and Kansas City’s Future
Graham McKenzie on Sir Richie Richardson’s Dual Passion for Golf and His Homeland, Antigua
Qatar Airways offers reduced timetable to over 60 destinations
Hands In, UATP join forces for airline multi-card payments
AirlineRatings reveals world's safest airline rankings for 2026
Vietnam warns airlines of possible flight reductions amid jet fuel shortages
Fliggy opens AI-powered travel bookings and developer tools