State aid for Tui after sale of 5 planes
Berlin guaranteed rescue of the tourism industry
Rescue is complete: Tui, German industry active in tourism and owner of hotels, ships and airlines, received state aid from Berlin for a total of 1.2 billion euros. Official announcement took place just today, on Wednesday 12 August 2020: this Group must cope with the effects of the health emergency, given that travel and transports are greatly reduced. Previously, German government had already made 1.8 billion euros available (last April to be precise).
Most of these loans will be managed by the German bank KfW, but there will also be convertible bonds that will guarantee around 150 million of total aid. Tui intends to lay off 8,000 employees and just in the last week has made headlines for some operations of a certain weight. A few days ago there were the sale and a lease back (the financial lease with which companies sell an instrumental good) of 5 new Boeing 737 Max-8 (see also the article published by AVIONEWS) to the Singapore company Boc Aviation , in order to finance the future purchase of new assets.
AVIONEWS - World Aeronautical Press Agency