TUI, Germany agree on additional $1.4bln coronavirus aid package

The package will help cover TUI's seasonal swing through winter 2020/21

  
TUI logo is seen at the TUI travel center following the coronavirus disease (COVID-19) outbreak, in Hanley, Stoke-on-Trent, Britain, July 28, 2020.

TUI logo is seen at the TUI travel center following the coronavirus disease (COVID-19) outbreak, in Hanley, Stoke-on-Trent, Britain, July 28, 2020.

REUTERS/Carl Recine

BERLIN- TUI has reached an agreement with the German government on an additional aid package worth 1.2 billion euros ($1.4 billion) to provide sufficient liquidity, the tour operator said on Wednesday as the company is hit by the coronavirus pandemic.

The package will help cover TUI's seasonal swing through winter 2020/21 and beyond or if there are long-term travel restrictions and disruptions related to the pandemic, it said in a statement.

TUI and state-owned lender KfW agreed to increase an existing credit line by 1.05 billion euros, the company added.

($1 = 0.8497 euros)

(Reporting by Thomas Seythal Editing by Michelle Martin) ((frankfurt.newsroom@thomsonreuters.com;))

More From Business