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World's largest tourism firm TUI looking at new equity, divestments to cut COVID-19 debt pile

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TUI looking at new equity, divestments to cut COVID-19 debt pile

LONDON: TUI, the world's largest tourism company, said it was considering raising new equity from shareholders or selling off parts of the business to reduce debt taken on to survive the COVID-19 pandemic.

Asked how big a rights issue could be, Joussen said it was"early days", and he did not say which parts of the business were up for sale, although he insisted that any sales would not be distressed. "We think plans to reduce leverage in 2021 and reach normalised profit growth in 2022 are ambitious," said Jefferies.

 

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