COMPANIES Tui, the Germany travel group, revealed the severe impact from the problems at its partly divested Hapag-Lloyd shipping subsidiary but its shares rose sharply after reassurances the group’s financial situation was under control.
Hapag-Lloyd was close to applying for state guarantees for €1.2bn of loans, according to Rainer Feuerhake, Tui’s chief financial officer. Mr Feuerhake also said Tui would get €350m ($498m) in repayments from Hapag-Lloyd next year.
