European travel company TUI says it needs to cut thousands of jobs as it looks to survive in a market weakened by the coronavirus pandemic.
Since the crisis struck, TUI's balance sheet has been supported by a 1.8 billion euro German state-backed bridging loan. TUI said the loan must be paid back by mid-2022, increasing the pressure to reduce debt.
The company, which operates a fleet of aircraft, said restructuring would be across its business and that there could be divestments and aircraft deferrals. TUI also said it was ready to resume providing holidays which would be possible this year with social distancing and cleaning measures.
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