German tourism group TUI, which holds a 51 percent stake in TUI Travel, will put the restructuring of the group on hold, several sources with knowledge of the matter said on Monday.

It was reported in April that TUI planned to swap debt for TUI Travel's central Europe division, which includes operations in Germany, Austria, Switzerland and Poland.

Several people close to the matter now said that this step, which TUI never confirmed, would not happen this year. "The company rather holds on to its money during the crisis," one of the sources said.

A TUI spokesman said: "There is a supervisory board order to examine possibilities to expand the tourism business. There are no decisions and there is no time pressure."