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Photo: Daniel Bockwoldt / dpa
The travel group TUI, which was hard hit by the corona crisis, is receiving further aid payments in the billions.
The company agreed with private investors, a banking consortium, the state development bank KfW and the Federal Government's Economic Stabilization Fund (WSF) on a package worth 1.8 billion euros.
This had become necessary "due to the increasing travel restrictions due to the increasing number of infections and the associated short-term booking behavior of some customers".
The package provides:
A capital increase of around 500 million euros, which will be shouldered by private investors
A contribution from the State Economic Stabilization Fund (WSF) of 420 million euros, which TUI shares can be converted
A non-convertible silent participation by the WSF in the amount of 280 million euros
200 million euros are to be covered by a secured bank loan from the KfW special program.
An existing credit line from KfW will be extended until July 2022.
Two people named by the WSF are to become members of the TUI Supervisory Board.
The state WSF serves to stabilize the economy as a result of the coronavirus pandemic.
It provides companies with stabilization measures to strengthen their capital base and to overcome liquidity bottlenecks.
Politicians had already decided on a billion-dollar rescue package for Lufthansa.
After the agreement on the silent participations at TUI, the EU Commission must still check whether it is permissible state aid.
In the spring, TUI was the first major German company to be supported by the state development bank KfW with a loan of 1.8 billion euros.
In addition to Lufthansa and TUI, the travel competitor FTI is also publicly supported.
At the end of September, TUI had 1.2 billion euros in the form of a second credit line and a bond that the federal government can convert into its own shares in the Hanoverians.
The Federal Ministry of Economics has described the support measures that have been decided for TUI as important so that the travel agent can bridge the difficult period.
A spokeswoman for Minister Peter Altmaier (CDU) said on Wednesday in Berlin: "The company was profitable before the crisis and as a company in the travel industry is struggling with unprecedented difficulties due to the corona crisis."
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hej / dpa