TUI to suspend most operations, to apply for state guarantees

FRANKFURT, March 16 (Reuters) - Travel operator TUI late on Sunday said it would suspend most of its operations, scrap its outlook and apply for state aid in response to the coronavirus pandemic.

"In this rapidly changing environment the safety and welfare of our guests and employees worldwide remains of paramount importance," the company said in a statement.

TUI said it would withdraw its outlook provided on Feb. 11 and would not give out a new forecast in the current environment.

The announcement came as airlines around the world also unveiled cuts to their flying schedules and job cuts after countries further tightened border restrictions.

"We are taking substantial cost measures to mitigate the earnings effect," TUI said, adding it had decided to apply for state aid guarantees to support the business until normal operations are resumed. (Reporting by Christoph Steitz; editing by Thomas Seythal)

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