TUI AG and German government agree on additional stabilisation package of 1.2 billion euros
(WorldNews Germany)

Increase of the existing KfW tranche by EUR 1.05 billion and Convertible Bond for EUR 150 million Stabilisation package strengthens TUI`s position in a volatile market environment over the 2020/21 winter season and in the case of any further long-term travel restrictions and disruptions due to COVID-19 TUI would thus currently have cash and available facilities of 2.4 billion euros TUI and KfW have agreed to extend the existing KfW credit line by 1.05 billion euros. The drawing of this amount is subject to TUI issuing a Convertible Bond in the amount of 150 million euros to the Economic Stabilisation Fund (WSF) and a waiver by the bondholders of the Senior Notes due in October 2021. Both...