Many corporations are currently providing themselves with liquidity in order to remain liquid in the corona crisis. For example, the world’s largest travel group, TUI, is to receive government aid loans of over EUR 1.8 billion. Part of the money is now apparently used to expand an insurance fund to secure customer money. However, the TUI share plummet again.
The tourism group TUI has been given the green light by the Bundeskartellamt for an additional insurance fund to secure customer money. Together with the Rewe subsidiary DER Touristik, 130 million euros of liquidity are to be brought into the fund. So far, the fund has only capital of six million euros.
TUI and DER Touristik secure their customer funds through the German Travel Price Protection Association (DRS), a mutual insurance association. If this was still possible in the past year without any problems, the financial regulator BaFin has been demanding further protection from a reinsurer since the Thomas Cook bankruptcy, writes the Handelsblatt . BaFin had set a deadline of April 28.
TUI meanwhile is trying to keep customers busy with a travel credit. Guests whose vacation was canceled by April 30th due to the corona pandemic will receive a credit of up to 150 euros per booking for a rebooking, writes Touristik Aktuell . There is also a “TUI loyalty bonus”: If you book a new TUI trip now by the end of June, you can get up to 100 euros per person.
The money can be used for a new TUI booking until the end of 2021, otherwise the original amount will be paid out – if desired, even before the deadline. Travel through the summer of 2021, e.g. to Spain, Greece and Egypt, can already be booked. Around 2,000 hotels in Germany, Austria and Croatia are already available.
The Corona crisis is still rampant. Despite the first signs of easing of the Corona shutdown, holiday trips are not yet foreseeable. Shareholders also know this and sell TUI stocks again on Wednesday. In the weakened stock market environment, the shares drop by more than seven percent to EUR 3.86. A hopeful, short-term upward trend is again at risk.
