The travel company Tui has already received around three billion euros in state aid and is now in negotiations for a further two billion euros. According to Reuters, the talks are just beginning. Neither Tui nor the German Federal Ministry of Economics wanted to comment on the report.

A formal application has not yet been submitted, but the Tui Group is said to have a financial gap between 1,5 and 1,8 billion euros. Reuters reported this, citing inside information. An option is under discussion that the German state could invest with equity, as state-secured loans have been granted up to now, but the annual interest rates are downright oppressive for the Tui Group in the long term.

The travel company received a loan of 1,8 billion euros in the spring. Just a few weeks ago, another KfW loan of 1,2 billion euros was approved. In addition, the Federal Republic of Germany signed a convertible bond in the amount of 150 million euros through the Economic Stabilization Fund. 

The second corona wave and the associated travel restrictions are likely to have exacerbated the situation at Tui again. CEO Fritz Joussen indicated at the end of September 2020 that a capital increase might be necessary in the short or medium term. The sale of subsidiaries or intra-group mergers was also not ruled out. The manager was not more specific.

The tour operator hopes that demand will stabilize in the coming year - also with the availability of a vaccine and the use of rapid antigen tests. An offer is currently planned that will be roughly 80 percent of the 2019 level. However, Tui leaves any readjustments open, because the booking behavior of customers between January and March 2021 is being closely monitored. If this falls far short of expectations, the withdrawal of capacities can be expected. The largest tour operator in Germany sees a return to normality in 2022 at the earliest.