The German government had to get special permission from the EU to rescue TUI. I wouldnt be so sure they will be allowed to refinance those loans forever. Plus, they are on commercial terms, so €10bn of debt gives an awfully high interest payment. Nearly €500m a year apparently. And that’s due before they pay for their aircraft, pay their crews ect. That’s an awful lot of money to find, and you still haven’t paid down the capital.
The only way out is to sell some of the family silver to pay down the debt.
Sound familiar?