Friday 13 November 2020 10:13 am

Tui in talks with German government over new bailout

Travel giant Tui is reportedly in talks with the German government over receiving a further €1.8bn (£1.6bn) bailout in order to survive the coronavirus pandemic.

The Anglo-German firm has already received €3bn in state aid to stay afloat during the crisis, which has hammered the global travel industry.

However, it has now warned that the figure may not be sufficient given the ongoing downturn.

Speaking to Der Spiegel this week, Tui chief executive Friedrich Joussen said that the firm was looking at options for further funding.

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“At the moment we cannot and must not exclude any option, not even that we need additional loans”, he said.

“Nor can we rule out the possibility of raising new equity or selling parts of the company at an appropriate time.”

The comments came after the firm announced that revenue fell 98 per cent in the third quarter due to ongoing travel restrictions.

Despite a period of easing restrictions over the summer, new lockdowns across Europe have once again squeezed travel firms.

Read more: Holiday firm Tui falls to €1.1bn loss as coronavirus halts travel