Tui travel group is negotiating more state aid | Free Press

In the spring, Tui was the first large German company to receive government support during the Corona crisis. Then follows a second bundle of one billion. Negotiations on state aid are now resuming.

Berlin / Hannover (dpa) – The Tui travel agency, which was shaken by the Corona crisis, is again negotiating on new state aid, according to information from the German press agency.

The talks are still in their infancy, no decision has been made, he said from well-informed circles on Tuesday.

The Federal Ministry of Economy declined to comment on this. It was said in the evening in Tui that current developments underscored the positive outlook for the sector and the expected rapid recovery after Corona: “After significant renewed restrictions and travel restrictions, we are of course withdrawing all financing options for the coming months and winter. in consideration. “Tourism is one of the industries hardest hit by the pandemic. The main reason is global travel restrictions. The third fiscal quarter from April to June had thrown Tui deep into the red. The world’s largest travel company had already recently signed a convertible bond worth 150 million euros through the Economic Stabilization Fund of the Federal Republic. This was a prerequisite for obtaining a new line of credit from the state development bank KfW. Along with the bond, Tui received other € 1.2 billion to deal with the Crown crisis, as it was called in late September. Previously, Tui was the first major German company to receive a € 1.8 billion crisis loan in the spring. The recovery expected in the travel market was initially frustrated by the second corona wave in Germany and many other countries High hopes are pinned on the approval of vaccines against Covid-19; while these are lacking, the industry will be under pressure. In this context, Tui had campaigned, among other things, to issue government travel advisories only for individual regions and not for entire countries. The group also put into play rapid corona tests for travelers, which could replace long quarantine times. For next year, Tui plans a reduced vacation offer. With volume around 80 percent of the pre-crisis level, trips could be sold at profitable prices, CEO Fritz Joussen said in early October. Bookings from January to March are decisive for the development of the travel year 2021. However, a “normal booking year” is not expected until 2022.