TUI Airways
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I'm basing this on the current schedules so Turkey wasn't included.
Isn't Austria on lockdown? There were ferry flights out there today to bring people back but as far as I'm aware all cancelled now, although the ski season is finishing up now anyway.
Madeira is cancelled.
Isn't Austria on lockdown? There were ferry flights out there today to bring people back but as far as I'm aware all cancelled now, although the ski season is finishing up now anyway.
Madeira is cancelled.
Madira has just announced that everyone who arrives now have to go into 14 days self isolation, hence the cancellation. According to my son who is out there, those already there are exempt. Don't know about the mainland though.
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Per daily mail
Travel giant Tui suspends vast majority of travel operations until further notice as British Airways axes 75 per cent of its flights and EasyJet announces further cancellations
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.
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.
My understanding is that TUI has some borrowings that are due to be rescheduled, and which carry onerous covenants.Such a massive fall in the share price indicates that they are viewed in the market as fragile.
Does one of the covenants make life more difficult if the share price is below (for example) 250 pence ?