TUI Group Confirms COVID State Aid Repayment

Publish Time:2022-07-04 17:32:36Source:Travel Weekly UK

【Introduction】:TUI has repaid a fresh tranche of German state aid injected to support the company through the pandemic.

TUI has repaid a fresh tranche of German state aid injected to support the company through the pandemic.

The planned repayment of the EUR 671 million loan from the German government's Economic Stabilisation Fund was flagged by the company in May.

The repayment was made with the proceeds from a capital increase in mid-May and from cash funds, the group said.

TUI is continuing to reduce debt as planned to prepare the organization for the post-Covid period.

Chief executive-designate Sebastian Ebel and current CEO Fritz Joussen said in a joint statement: "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. 

"Therefore, TUI is on its way back to being a normal company."

Undrawn credit lines from German state development bank KfW were also reduced from EUR 2.4 billion to EUR 2.1 billion as previously announced.

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