Novaturas Group has agreed on additional EUR 1 mln. 18 ths. loan to refund cancelled trips due to pandemic

The leading tour operator in the Baltic States “Novaturas” Group has agreed on additional  EUR 1 million 18 thousand loan received under the Ministry of the Economy and Innovation of the Republic of Lithuania and state investment and business guarantee fund “Invega”. This loan will allow the Company to expedite refunds to the travelers whose trips have been cancelled due to the pandemic.

"Regardless of the deadlines defined by law, settling accounts with travelers is our priority. We use both the loans received from the state and our own financial resources for refunds. After long discussions with “Invega” we have been able to reach a common solution that allowed us to agree on additional loan. To the date groupwise, we have refunded about EUR 7.1 million. Additionally, in Lithuania we have received requests for a refund for about EUR 1.8 million. Additional “Invega” loan will be used for these repayments. We are currently handling all the procedural formalities for the agreement. We project that the loan money will reach us in the second half of January and then will be immediately distributed to the travelers. We understand that people want to get their money back as soon as possible. The protracted refund process didn't go as smoothly as we wanted and required a lot of patience from everyone: travelers, tour operators, agencies”, says Audronė Keinytė, Head of “Novaturas” group.

AB “Novaturas” started refunds for cancelled trips due to pandemic already in July. In August, the Company was granted EUR 1 million loan by “Invega”, which allowed to settle with a part of tourists.

About Novaturas Group

AB “Novaturas” Group is the largest tour operator in the Baltic States, offering summer and winter package holidays in more than 30 destinations worldwide and more than 100 sightseeing routes. In 2019, the group served more than 293 thousand customers. 

CFO 

Tomas Staškūnas 

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