Tui’s shares tumbled after it announced plans to raise up to £350m of emergency debt to help it survive the pandemic. 

The Anglo-German holiday group has already secured multiple bailouts from the government in Berlin to ride out the pandemic. 

Hoping for takeoff: Tui is pinning its hopes on a summer pick-up in travel to help repair its balance sheet

Hoping for takeoff: Tui is pinning its hopes on a summer pick-up in travel to help repair its balance sheet

Hoping for takeoff: Tui is pinning its hopes on a summer pick-up in travel to help repair its balance sheet

It is pinning its hopes on a summer pick-up in travel to help repair its balance sheet. In the meantime, it has tapped the bond markets for more cash to see it through. Shares fell 2.1 per cent. 

Tui’s net debt has ballooned to £6.2billion during the pandemic and needs to start repayments in 2022. 

It is counting on a summer holiday rebound, but has already lowered capacity for July onwards to 75 per cent of 2019’s level from 80 per cent previously.

#fiveDealsWidget .dealItemTitle#mobile {display:none} #fiveDealsWidget {display:block; float:left; clear:both; max-width:636px; margin:0; padding:0; line-height:120%; font-size:12px} #fiveDealsWidget div, #fiveDealsWidget a {margin:0; padding:0; line-height:120%; text-decoration: none; font-family:Arial, Helvetica ,sans-serif} #fiveDealsWidget .widgetTitleBox {display:block; float:left; width:100%; background-color:#af1e1e; } #fiveDealsWidget .widgetTitle {color:#fff; text-transform: uppercase; font-size:18px; font-weight:bold; margin:6px 10px 4px 10px; } #fiveDealsWidget a.dealItem {float:left; display:block; width:124px; margin-right:4px; margin-top:5px; background-color: #e3e3e3; min-height:200px;} #fiveDealsWidget a.dealItem#last {margin-right:0} #fiveDealsWidget .dealItemTitle {display:block; margin:10px 5px; color:#000; font-weight:bold} #fiveDealsWidget .dealItemImage, #fiveDealsWidget .dealItemImage img {float:left; display:block; margin:0; padding:0} #fiveDealsWidget .dealItemImage {border:1px solid #ccc} #fiveDealsWidget .dealItemImage img {width:100%; height:auto} #fiveDealsWidget .dealItemdesc {float:left; display:block; color:#004db3; font-weight:bold; margin:5px;} #fiveDealsWidget .dealItemRate {float:left; display:block; color:#000; margin:5px} #fiveDealsWidget .footerText a:hover{text-decoration: underline;} #fiveDealsWidget .footerSmall{font-size:10px; padding-top:10px;} @media (max-width: 635px) { #fiveDealsWidget a.dealItem {width:19%; margin-right:1%} #fiveDealsWidget a.dealItem#last {width:20%} } @media (max-width: 560px) { #fiveDealsWidget #desktop {display:none;} #fiveDealsWidget #mobile {display:block!important} #fiveDealsWidget a.dealItem {background-color: #fff; height:auto; min-height:auto} #fiveDealsWidget a.dealItem {border-bottom:1px solid #ececec; margin-bottom:5px; padding-bottom:10px} #fiveDealsWidget a.dealItem#last {border-bottom:0px solid #ececec; margin-bottom:5px; padding-bottom:0px} #fiveDealsWidget a.dealItem, #fiveDealsWidget a.dealItem#last {width:100%} #fiveDealsWidget .dealItemContent, #fiveDealsWidget .dealItemImage {float:left; display:inline-block} #fiveDealsWidget .dealItemImage {width:35%; margin-right:1%} #fiveDealsWidget .dealItemContent {width:63%} #fiveDealsWidget .dealItemTitle {margin: 0px 5px 5px; font-size:16px} #fiveDealsWidget .dealItemContent .dealItemdesc, #fiveDealsWidget .dealItemContent .dealItemRate {clear:both} }

This post first appeared on Dailymail.co.uk

Leave a Reply

Your email address will not be published. Required fields are marked *

You May Also Like

Axe plans to make landlords pay to boost energy efficiency, say campaigners

Campaigners are urging the Government to scrap proposals to make landlords pay…

I’m a property expert – 10 tips for warming a cold house without putting the heating on

KNOWING how to keep warm without your energy bills soaring is definitely…

Britain’s technology sector attracts record levels of investment this year

Britain’s technology sector has shaken off fears of a slump to attract…

I won big at the casino so decided to buy a lottery ticket while still in my ‘lucky clothes’ – the result was incredible

A LUCKY punter who won a fortune during a casino session was…