News

Dow Jones Newswires: TUI repays $703.5 million in COVID-19 state aid, sees strong summer ahead

0

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
TUI,
+3.25%

TUI1,
+2.72%

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 [email protected]; @sabelaojeaguix

NerdWallet: Do you know the things Medicare doesn’t cover, and will you be able to afford them?

Previous article

Market Snapshot: Wall Street on course to continue its rotten run, with ISM manufacturing data in focus

Next article

You may also like

Comments

Leave a reply

Your email address will not be published. Required fields are marked *

More in News