Tui has responded to media reports that it is looking at raisng €1.5 billion through disposals or a rights issue once travel revives.
The Financial Times suggested that the operator’s shares would need to recover before it turns to stock markets for further equity.
The report followed Europe’s largest travel group agreeing an additional financial €1.2 billion bailout from the German government on Wednesday to cover “seasonal fluctuations” over the winter.
In a statement to the London Stock Exchange late on Thursday, the company said: “Against the background of current press reports, Tui AG states, in view of the still very volatile market environment resulting from the Covid-19 crisis, it continues evaluating various measures to achieve an optimal balance sheet structure and maturity profile.
“Among the measures currently being considered is also a short to mid-term capital increase, with a volume – if implemented – which would be significantly lower than the €1-1.5 billion mentioned in the press.
“A decision on whether such a measure will be implemented has not yet been made.
“The timing and volume of such a measure have also not yet been determined.”