A ship is coming:
A ship is coming:
Tui cruise ship "Mein Schiff 2" leaving the port of Hamburg for a mini cruise in July
Photo: Daniel Bockwoldt / dpa
The Tui Group receives further state aid against a possible financial crash in the Corona crisis.
As the world's largest travel operator from Hanover announced on Wednesday, Tui agreed with private investors, banks and the federal government on a financing package with a volume of 1.8 billion euros.
(57) had previously publicly stated that a third state rescue operation might be necessary this year.
A spokeswoman for Economics Minister
(62, CDU) said on Wednesday in Berlin: "The company was profitable before the crisis and, as a company in the travel industry, has to struggle with unprecedented difficulties due to the Corona crisis."
The new deal includes silent contributions from the state economic stabilization fund of 700 million euros, of which 420 million euros can later be converted into shares.
If the state takes full advantage of this option, it will hold a blocking minority of 25 percent plus one share.
The fund had already subscribed to a convertible bond in September, which potentially gives it a say as owner.
In addition, the state development bank KfW is extending its existing credit line for a total of EUR 2.85 billion until July 2022 and is granting an additional EUR 200 million credit.
At the same time, the capital will be increased over 500 million euros through subscription rights of the existing shareholders.
The Unifirm holding of the Russian major shareholder
(55) has promised to acquire new shares corresponding to its stake of almost 25 percent at a unit price of 1.07 euros, Tui announced.
The rest will be secured by takeover guarantees from the banks.
The whole deal is subject to the EU approving the subsidy.
Tui share buckles
The fresh capital is to be used to redeem bonds over 300 million euros due in October 2021 in order to postpone the debt redemption and gain liquidity.
A bank guarantee credit line for 400 million euros, which is covered by a state guarantee, should also contribute to this.
The Tui share, which was previously listed in the red, fell by up to 6.7 percent after the report and was last traded around 3.5 percent below the closing price on Tuesday.
Government loan in March, convertible bond in September, silent partnership in December
The Committee of the State Economic Stabilization Fund deliberated on Wednesday morning.
Representatives from federal ministries sit in this committee and decide on direct Corona aid.
The tourism industry is particularly hard hit by the decline in demand in the corona pandemic.
In the spring, Tui was the first large German company to be supported by the state development bank KfW with a loan of 1.8 billion euros.
At the end of September, 1.2 billion euros were added in the form of a second credit line and a bond, which the federal government can also convert into own shares in Tui.
The state economic stabilization fund 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.
The Tui Group is in trouble despite an ongoing austerity course and the reduction of thousands of jobs because customers avoid many holiday destinations.
Travel warnings and notices create a high level of uncertainty among consumers.
In winter, business is also always significantly weaker than in the summer months - Tui is therefore now even more forced to secure its solvency.
With a view to the new year, Tui management had recently been somewhat more optimistic.
It should also be decisive how quickly large-scale vaccinations against the new coronavirus can start.
"Vacation is still a high priority for our customers," says the mandatory communication on the new rescue package.
ak / dpa-afx, Reuters