The tourism group Tui, which is suffering from the "side effects" of the corona pandemic, meets the requirements for the disbursement of a further loan in the amount of 1,2 billion euros. In the spring, they already received 1,05 billion euros.
The group had to meet some conditions by September 30, 2020. This has now happened and the bondholders have given their approval. The German economic stabilization fund signed a bond with warrants in the amount of 150 million euros. The group now has funds, including loans from the Reconstruction Loan Corporation, of around two billion euros to get through the winter.
The first tranche, paid out in the spring, is a loan of EUR 1,05 billion. Now there is another 1,2 billion euros to bring the group over the winter. Tui was criticized because of the fact that the fleet of the daughter Tuifly is being reduced considerably and the workforce is also being significantly reduced. The unions are demanding that state aid be used to secure jobs and not to cut them.