Tui bondholders agree to KfW rescue loan

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By Owen Sanderson
10 Sep 2020

German travel company Tui’s bondholders have agreed to suspend limits on the debt the company can incur, opening the door to a rescue loan from KfW and a convertible bond injection from the German government's economic stability fund.

Tui’s €300m in 2021 senior notes included a limitation on indebtedness clause which would have blocked the company from drawing down on a €1.2bn enhanced support package agreed with the German government in August.

The stricken travel firm, reeling from the impact of lockdowns, quarantines and the collapse ...

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