), 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 coronavirus pandemic.
It secured a second credit line from the German government on Wednesday, adding to a 1.8 billion euro state-backed loan taken on in April, and while the CEO said it might not need to use the latest line, the focus is now on debt. The state loans are due to be repaid in summer 2022 and banking sources have suggested that TUI could sell all or part of its 49% stake in the Spanish hotel chain RUI Hotels & Resorts.
“We think plans to reduce leverage in 2021 and reach normalised profit growth in 2022 are ambitious,” said Jefferies.
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