Business

Billions in support for German tourism giant TUI

New aid has opened up for TUI, Europe’s largest tourism company, which is on the verge of bankruptcy due to the corona crisis and is trying to survive with state aid.

The EU Commissioner for Competition has approved a € 1 billion 250 million grant to TUI in Germany. Margrethe Vestager, a member of the competition commission, said: “Like many other tourism companies, TUI has been hit hard by the crown crisis.” Evaluating the planned new state aid to TUI in the words “necessary, appropriate and measured”, the EU official added that the German state will condition this aid to prevent competition violations.

The planned assistance to the tourism giant TUI is part of a larger support package that includes private investors. “I welcome the involvement of private investors in the restructuring of the capital structure; it requires less government support and helps ease the TUI,” he said.

TUI was backed by a $ 2 billion aid package last year. TUI, which received € 1.8 billion in aid from German Development Bank KfW as Germany’s first major German company in the spring of last year, also benefited from a closing program and loans and a € 1.2 billion loan package. end of september.

Source: DW

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