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Hanover (dpa) - Before an extraordinary general meeting at Tui in the coming week, opinions about possible help from Lower Saxony for the ailing group differ significantly.
Some politicians are annoyed that a partial sum of 400 million euros from the latest rescue package could be secured with guarantees from the country.
According to information from the environment of the state government, no decision has yet been made - on Tuesday (5.1.), However, the shareholders of the world's largest travel company should approve important elements of the promised financial aid.
Among other things, Tui receives billions in loans, most of which come from the federal government.
The Greens reject support from state funds.
Your financial expert Stefan Wenzel warned: "It is not the job of the state to save the Tui investors, who have so far contributed precious little to the solution."
The FDP had already called a guarantee in this case at the beginning of December an "irresponsible risk".
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The total aid for Tui - including private capital injections - now amounts to around 4.8 billion euros.
The federal government is also preparing for the conversion of bonds into shares, for example, which critics of state intervention see with mixed feelings.
At the same time, 8,000 positions are on the cross-off list in the Tui Group worldwide, mainly abroad.
Trade unionists sharply criticize this - and also the fact that in good years relatively high dividends flowed to the owners instead of investing higher shares in the company.
On the other hand, CEO Fritz Joussen emphasized: “Before the crisis, Tui was very healthy.
Around one billion operating profit, around one billion investments per year, 21 million customers in 2019 and 14 percent booking growth at the beginning of 2020. "
The Greens are nevertheless of the opinion that guarantees from Lower Saxony in what is now the third aid package would be the wrong signal.
"In order to keep as many of the Tui jobs as possible, a better solution is needed instead of the constant new rescue packages," said Wenzel.
"This can be a protective shield procedure or a measure under the new restructuring and insolvency law development law."
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The budget committee of the state parliament wanted to decide on possible guarantees shortly before Christmas.
However, there should now be a need for further examinations, for example on questions of state aid - the next regular consultations should follow on January 13th.
In contrast to the state participations in the trade fair and airport, of which the city of Hanover is one of the co-owners and which Lord Mayor Belit Onay (Greens) described as "systemically relevant", the Greens are very skeptical of Tui support.
This would primarily promote the major investors, who had not acted with foresight in the previous business policy, it said.
After the second rescue package in early autumn, Tui lost more money than initially assumed.
"I can not see why the third forecast by the board should now be closer to reality," said Wenzel.
After business collapses in 2020, Tui hopes for a quick recovery in 2021.
"Currently, many travel restrictions still apply, which is why we are a company with no significant turnover," reported Joussen.
“That is why it was right that we worked out a third financial package in good time, together with the shareholders, the banks and the state.
We will thus bridge these months and secure liquidity if the pandemic continues in the new year. "
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The group had recently expressed its optimism about Mediterranean destinations such as Spain, Italy, Greece and Turkey.
"Package tours in particular will be in demand, as this form of travel offers the greatest security," believes Tui Germany boss Marek Andryszak.
The stronger German domestic tourism in the Corona year 2020 could also endure.
“The Baltic coast will remain the most popular holiday region in Germany.
The Black Forest, the Bavarian Forest, the Allgäu and the East Frisian Islands are also in great demand, ”Tui estimates.
The flight schedule for winter 2021/2022 has already been activated - with a focus on the Canary Islands.
According to Joussen, the company still had around 2.5 billion euros in cash at the beginning of December.
The money should now really go beyond the crisis.
"If measures such as the capital increase are approved, the maturities of the loans from the first two stabilization packages will initially be postponed after the repayment of our outstanding bond," added the manager.
Experts from the rating agency Moody's are also observing whether the new year will give Tui the necessary air: the debt burden is high, “and business conditions remain extremely tense”.
© dpa-infocom, dpa: 201229-99-840516 / 3