TUI makes €2 billion loss, takes an additional €1.2 billion in liquidity from KFW

TUI post a loss of €2 billion in the nine months to June 2020 and has agreed with KfW to extend an existing credit line by €1.05 billion. This is subject to TUI issuing a €150 million convertible bond to Germany’s Economic Stabilisation Fund (WSF) and a waiver by the bondholders of the senior notes due in October 2021. Both conditions as well as other formal requirements need to be fulfilled by September 30 “The €1.2 billion stabilisation package strengthens the Group’s position and would provide sufficient liquidity in this volatile market environment. This will cover both the seasonal swing