August 12, 2020

TUI agrees new 1.2 bn government aid package

Frankfurt am Main (AFP) – Tourism giant TUI and the German government agreed on Wednesday to a second massive aid package, in a sign of how the effects of the coronavirus pandemic are still battering the industry.The Hanover-based company agreed to a 1.2 billion euro ($1.4 billion) package with German public lender KfW, intended to bolster the firm through its winter 2020/21 season.  The new funds add to the 1.8 billion-euro government loan that the company agreed to in April. The company previously announced that it would cut 8,000 jobs worldwide to reduce costs.TUI’s hotels, flights and crui…


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