Dusseldorf For Europe’s largest travel group Tui rescue comes into view. As the Bundeskartellamt announced on Tuesday, the holiday organizer from Hanover was given permission to set up a joint insurance fund to secure customer money with the competitor DER Touristik. Both groups want to bring 130 million euros in liquidity to him.
In order to reliably secure customer down payments, without the tour operators being allowed to accept no money for vacation packages, the financial regulator Bafin der Tui – as well as the Rewe subsidiary DER Touristik – had issued a final ultimatum by April 28.
After the bankruptcy of Thomas Cook, the Bafin reviewed the old model of the two groups, a mutual insurance company with the name of the German Travel Insurance Association for Mutuals (DRS VVaG), and judged it to be inadequate.
However, the first attempt at rectification failed. A consortium of reinsurers, who initially wanted to provide adequate “coverage” with the DRS, postponed their commitment after Tui stopped doing business with Corona in mid-March and applied for government aid.
Shortly thereafter, the two competitors agreed on a plan B. On March 27, they notified the Bundeskartellamt of their intention to provide the DRS, which until then had only had six million euros in capital, with enough liquidity to be able to use it as its own insurance .
The money now comes in part from a EUR 1.8 billion KfW loan that the state granted to Tui a few days ago via the house banks. Rewe also announced before Easter that it had increased its own credit lines by one billion euros with its house banks.
The final assessment of the new insurance model by Bafin is still pending. With the financial supervision, however, it was revealed that Plan B had already been agreed with Bafin prior to the application to the Federal Cartel Office.
More: Europe’s largest travel company clears the crucial hurdle for the KfW aid loan: the banks agree to the loan from the state development bank.