Leisure group TUI is applying for state-aid guarantees to support its business until it can restore normal operations, after suspending most of its travel operations.
TUI says it is halting the “vast majority” of its package travel, cruise and hotel activities to assist with the efforts to counter the coronavirus outbreak.
The company has cash and available facilities of around €1.4 billion, it says, and it is taking “substantial” cost measures to limit the impact on earnings.
“We have decided to apply for state aid guarantees to support the business until normal operations are resumed,” it adds.
Flight - TUI seeks state guarantees as travel market collapses