Publish Time:2021-01-12 09:58:48Source:Breakingtravelnews
【Introduction】:TUI Group has finalised a €1.8 billion financing package led by the German government as the company battles the fallout from the Covid-19 pandemic.
TUI Group has finalised a €1.8 billion financing package led by the German government as the company battles the fallout from the Covid-19 pandemic.
The deal, originally announced in early December, involves cash from the German Economic Support Fund (Wirtschaftsstabilisierungsfonds or the WSF), a syndicate of underwriting banks, Unifirm Limited, and the German state-owned development bank KfW.
Fritz Joussen, chief executive of TUI, said of the deal: “Before the Covid-19 pandemic, TUI was a very healthy company.
“The market is intact; the demand is there.
“But we have not been able to generate any significant revenues since March.
“Our integrated business model allows us to react very flexibly to short-term changes in the pandemic situation, just as we successfully ramped up our travel programme for a few weeks in July after the first wave.
“People want to travel; tourism remains a growth industry and an important sector for stabilising the southern euro area.”
The package consists of silent participations of the WSF, a further credit line of the KfW, guarantees and a capital increase with subscription rights.
The Mordashov family, owners of Unifirm, have made a long-term strategic investment in TUI and has agreed to participate in the capital increase with its company.
Joussen added: “The financial package provides the security to look consistently ahead and to prepare the group strategically and structurally for the time after the pandemic.”
Hainan's Sanya Looks to 2021 as Its...
Fiumicino, the Second Most Convenient...
Moscow's Maiden Digital Roadshow...
Dubai Prepares for Tourism Rebound in...
Video︳New Year Wishes from WTCF's...
WTCF Delegation Attends 8th Annual...
Hong Kong's Three-week Hotel Quarantine...
WTCF Delegation Attends 8th Annual...
The 2020 Branch Conference of World...
WTCF Attends the Global Tourism Economy...
WTCF Signed a Strategic Cooperation...
WTCF Held a Forum on the "Tourism...
WTCF is Specially Invited to Attend the...
The World Conference on Tourism...
Florence| Victoria| Torino| Sevilla| Chinese Friendly International| Innova TaxFree Group| World Travel & Tourism Council| World Tourism Organization| Pacific Asia Travel Association| Beijing Tourism Development Commission| UN| WINTAC Business Development GmbH| WEN WEI PO| Via Hansa| TUI AG| The Beijing News| Taikang Life Insurance Co.| Skyscanner| Sina.com| Shanghai Spring International Travel Service| MasterCard| Kuoni| Kempinski Hotels| JTB| Okura Nikko Hotel Management Co., Ltd.| ICBC| Hong Kong Airlines| HanaTour| Four Seasons Hotels and Resorts| DFS| Ctrip.com| Costa Crociere S.p.A.| Club Med| Chinese National Geography| China UnionPay| China Travel Service| China Southern Airlines| China News Service| China International Travel Services| China Daily| CYTS| CCTV| China Association of Private Equity| Chengdu Shuangliu International Airport| Carnival Corporation & Plc| Capital Airports Holding Company| CAISSA| BTG International Travel & Tours| Beijing UTour| Beijing Tourism Group| Beijing Gongmei Group| Beijing Capital International Airport| American Tours International| American Express| America Asia Travel Center Inc.| Air China| Abercrombie & Kent| Zurich| Zhangjiajie| Yangzhou| Xiamen| Xi’an| Wuhan| Wellington| Washington| Wales| Vienna| Veliko Tarnovo| Vancouver| Valletta| Toronto| Tianjin| Thessaloniki| Tel Aviv-Yafo| Taiyuan| Sofia| Athens| Shanghai| Seoul| Sapporo| Sanya| San Francisco| Rome| Riga| Rabat| Qingdao| Prague| Pomorie| Plovdiv| Penang| Paris-Île de France| Ottawa| Nicosia| Nice| Nanjing| Mudanjiang| Moscow| Monterrey| Minsk| Milan| Marigot| Macao| Luoyang| Los Angeles| London| Lisbon| Kunming| Kathmandu| Jiaozuo| Jakarta| Houston| Hong Kong| Helsinki| Harbin| Hangzhou| Hamburg| Gwangju| Guangzhou| Geneve| Fez| Edinburgh| Dublin| Dubai| Dalian| Copenhagen| Colombo| Chongqing| Chengdu| Casablanca| Cairo| Busan| Buenos Aires| Budapest| Brussels| Boston| Berlin| Beijing| Barcelona| Bangkok| Bandung| Astana| Amsterdam| Altay| Almaty
E-Mail Login|Contact Us|Careers|Legal disclaimer
世界旅游城市联合会版权所有 备案号:京ICP备19050424号-1
Our legal counselors: lawyer Song Yunfeng & lawyer He Wen, both from Dacheng Law Offices