Tui gets the next injection of billions - travel restrictions make the group to create

The world's largest travel company needs even more federal support.

Is the group now leaving the catastrophic Corona year 2020 with sufficient security?

Hanover / Berlin - The Tui Group is getting further

against a possible financial crash in the

.

As the world's largest travel operator from Hanover announced on Wednesday, Tui agreed with the federal government as well as private investors and banks on a financing package with a total volume of 1.8 billion euros.

In

addition to air traffic and gastronomy, the

is particularly hard

hit by the decline in

during the pandemic.

The financing package strengthens the position of

and provide her with sufficient liquidity reserves, it said.

"This also compensates for the travel restrictions that were assumed until the beginning of the summer season 2021." The package has become necessary due to the

due to the

number of infections and the associated shorter-term booking behavior of some customers.

Tui: New members planned for the supervisory board

According to Tui, the package specifically provides for a

of around 500 million euros, which will be shouldered by private investors.

In addition, there is a silent contribution from the state economic stabilization fund (WSF) amounting to 420 million euros that can be converted into Tui shares.

In addition, there is a non-convertible silent contribution by the WSF in the amount of 280 million euros.

This was preceded by negotiations with the

.

Two people named by the WSF are to become members of

the TUI

.

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

for Lufthansa.

Tui: The EU Commission has yet to examine state aid

The

still has to verify after the agreement on the silent participations in Tui, whether it is a permissible state aid.

According to Tui, it is also about a

of 400 million euros or, alternatively, a corresponding increase in the non-convertible silent contribution of the WSF and an additional credit line from the state bank KfW for 200 million euros.

An existing credit line from KfW will be extended until July 2022.

The silent participations by the WSF are associated with further restrictions, including with regard to

in other companies, as long as the WSF remains invested.

The demand for #travel is still very high, but the travel and quarantine regulations are currently slowing the industry down.

#Statement from @TUIGroup CEO Fritz Joussen.

See also the detailed interview with Fritz in the latest edition of @derspiegel.

pic.twitter.com/7KtMv9OA1V

- TUI Germany (@TUIDeutschland) November 14, 2020

Tui: In spite of austerity and downsizing

In the spring, Tui was the first

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, 1.2 billion euros were added to Tui in the form of a second credit line and a bond that the federal government can convert into its own shares in the Hanoverians.

Negotiations about a third aid tranche have now ended.

The Tui Group is in trouble despite ongoing

and the

because customers avoid many holiday destinations despite some regional bright

.

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

.

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.