German tour and airline operator Tui is laying 8000 employees as it looks to balance its books following its acceptance of 1.8 billion euro bridging loan from the federal government, via development bank KFW. TUI was forced to largely discontinue its business due to the worldwide travel restrictions and it then applied for a KfW bridging loan of 1.8 billion euros. This was intended to cushion the unprecedented effects of the pandemic until normal business operations can be resumed. The loan was approved on March 27 and On 8 April, the banks providing TUI’s existing credit line of 1.75 billion
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