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Published on Friday, March 27, 2020

TUI secures government-backed bailout






 


TUI AG has secured a €1.8 billion loan from a German state-owned bank in one of the country's biggest coronavirus bailouts.


Europe's biggest travel company announced it received approval for the loan from the German government on Friday.


The funding will add to TUI's existing €1.75 billion credit facility.


CEO Fritz Joussen said: "We were economically successful before the crisis and will be again after the crisis.


 "However, we are currently facing unprecedented international travel restrictions. As a result, we are temporarily a company with no product and no revenue."


The loan is subject to approval by TUI's lending banks, and the company will have to waive dividend payments for the duration of the loan.


 

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