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TUI returning 700 million euro credit line
TUI will return the first tranche of the government backed credit lines given during the pandemic.
It will return about €700m on 1 April 2022.
A large part of this is the KfW Revolving Credit Facility (RCF).
TUI says this ‘rescue umbrella’ was important during the pandemic and the associated massive restrictions on TUI’s business.
Fritz Joussen, CEO TUI Group: “TUI was a very healthy company before the pandemic. The worldwide travel restrictions, especially at the beginning of the pandemic, almost completely deprived us of our business basis.”
“That is why temporary aid was important and right. Thanks to the credit lines from the German federal government and from the private banks and the contribution of our shareholders, we have steered TUI safely through its most serious crisis.”
As of 28 March, TUI had liquidity of €4.1 billion.
Minus the partial return on 1 April, the liquidity stands at €3.4 billion.
It says summer 2022 bookings are at 80% of 2019
Bookings in key markets remained largely unaffected by the Russia- Ukraine conflict
It sees subdued levels only in Nordic countries and in Poland.
Ray Monty
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