The world’s largest travel group: the travel group Tui is negotiating for more state aid

The World’s Largest Travel Group
Travel group Tui is negotiating for more state aid

The Corona-crisis-stricken travel group Tui negotiated according to information from the Deutsche Presse-Agentur again on further state aid.

The talks were however still at the beginning, it had made no decision, it said on Tuesday from well-informed circles.

The Federal Ministry of economy refused to comment. In the case of Tui, it was in the evening, the latest developments underline the positive forecasts for the sector and the expected rapid recovery after Corona: “We are dragging but after the new substantial restrictions and travel restrictions, of course, all the options of the financing for the next few months, and the Winter recital.”

The tourism belongs to the sectors of the economy, hit by the pandemic, the most difficult. Mainly due to worldwide travel restrictions. The third fiscal quarter from April to June had torn Tui deep in the red.

The world’s largest travel group had drawn on the economic stabilization Fund of the Federal Republic of a convertible bond in the amount of 150 million euros. This was a prerequisite for a further line of credit of government development Bank KfW. Together with the bond, Tui received a further € 1.2 billion, to cope with the Corona-crisis, as it was called at the end of September. Prior to this, Tui had been already awarded in the spring as the first major German company, a crisis loan of 1.8 billion euros.

The hoped-for recovery in the travel market has made the second Corona-wave in Germany and many other countries, first of all, a dash through the bill. There are great hopes on the authorisation of vaccines against Covid-19 – as long as this lack, the industry is however under pressure. Tui had campaigned against this Background, among other things, government travel warnings only for single regions and not for all countries. In addition, the group Corona brought rapid tests for travellers into the game, the could long to replace the quarantine times.

For the coming year, Tui is planning a reduced vacation offer. With a circumference of around 80 percent of the pre-crisis levels, it could sell the trips to profitable prices, said CEO Fritz Joussen at the beginning of October. Crucial for the development of the travel year 2021, the bookings from January to March were. A “normal booking of the year” was only to be expected for 2022.