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April 8, 2020, 4:04 a.m. EDT

TUI signs EUR1.8 billion German bridging loan

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By Adria Calatayud

TUI AG said Wednesday that it has signed a 1.8 billion-euro ($1.96 billion) state-aid bridging loan with German state-owned development bank KfW to help it weather the coronavirus.

The German travel group, which is listed in London, said it decided to apply for the loan to cushion the unprecedented effects of the pandemic, which led the company to suspend its tour operator, flight, hotel and cruise programs last month. The company said it had received commitment from the German federal government for a loan worth EUR1.8 billion on March 27.

"We are now preparing intensively for when our operations can resume after the Coronavirus crisis and firmly believe, people will continue to want to travel and explore other countries and cultures in the future," Chief Executive Fritz Joussen said.

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