Travel agency TUI. it lends a further 1.2 billion euros provided by the German government. An existing loan is being provided by the German state-owned bank increased by eur 1.05 billion. In addition, SEC issued a convertible bond amounting to 150 million euros from the German stabiliseringsfonds of the WSF, says the company on Wednesday.
According to the SEC, the money needed to get the business through the winter to help out. In this season you can not travel to be booked. In addition, the company may use the money in order to be able to cope with the uncertainty around the travel restrictions.
CEO Fritz Joussen, TUI emphasises that it's better for the company than it is at the beginning of the coronacrisis. "People are going to be on vacation," he said. However, he does not think that the aid is sorely needed, and because no-one knows if a live vaccine has been developed.
this is not the first time the GUY's money the government borrows. In march and borrowed the agency is already 1.8 billion eur, due to the coronacrisis. One of the terms and conditions of the loan, is that GUY for the duration of the loan, no dividends may be paid out.