TUI AG Repays EUR671 Million in Covid-19 State Aid; Set for Strong Summer
July 01 2022 - 4:53AM
Dow Jones News
By Sabela Ojea
TUI AG said Friday that on June 30 it repaid 671 million euros
($703.5 million) in Covid-19 state aid to the German government,
adding that it expects a strong summer for the business's
operations.
The London-listed, Germany-based travel group said that,
including interests, it repaid EUR725 million to the government's
Economic Stabilization Fund.
The company, which repaid the debt from its mid-May capital
increase and cash funds, added that its existing and currently
undrawn KfW credit lines have also been reduced to EUR2.1 billion
from EUR2.4 million.
"We are continuing on the path of debt reduction as planned in
order to strengthen the balance sheet and align TUI for the period
after the Corona pandemic. Operationally, we continue to see a
strong summer business," TUI said.
Write to Sabela Ojea at sabela.ojea@wsj.com; @sabelaojeaguix
(END) Dow Jones Newswires
July 01, 2022 04:38 ET (08:38 GMT)
Copyright (c) 2022 Dow Jones & Company, Inc.
Tui (TG:TUI1)
Historical Stock Chart
From Mar 2024 to Apr 2024
Tui (TG:TUI1)
Historical Stock Chart
From Apr 2023 to Apr 2024