TUI burning 250 million euros cash a month: CEO

FRANKFURT (Reuters) – Travel group TUI (TUIGn.DE) (TUIT.L), which is struggling with the impact of the coronavirus pandemic, is burning cash at a rate of 250 million euros ($271 million) a month, its CEO said on Wednesday.

Despite having reduced costs by 70% the company still has monthly costs of 230 million euros, Friedrich Joussen said in a call with journalists.

“We must change TUI – make it leaner, faster and less capital-intensive,” Joussen said, adding that the company’s airlines will be part of cost-cutting measures as well, without giving details.