Two previous support packages totaling 3 billion euros have not been enough to deal with the coronavirus-triggered crash in travel demand, according to the news agency.

The money may be obtained from the German stabilization fund WSF in exchange for a combination of shares and hybrid capital, the news agency writes.

Neither Tui nor the German government has wanted to comment on the information.

Tui made a loss of 1.1 billion euros in the most recently reported quarter (March-June). The coffers have been burning through at a rate of 550-650 million euros per month. Last year, 23 million tourists traveled with Tui.

The travel company's shares traded up 7 percent in German stock trading on Tuesday, in line with the market rotation that has been underway against the losers of the pandemic since positive vaccine development data from Pfizer and Biontech's collaborative project was presented on Monday.

Source: Nyhetsbyrån Direkt