Tui travel group pays off COVID state aid
BERLIN (Reuters) - Tui has repaid in full the financial aid it got from the German state during the COVID-19 pandemic, the travel group said on Friday.
The group paid back a final amount of 750 million euros ($823 million) to the economic stabilisation fund after successfully carrying out a capital increase, the company said in a statement.
Under a deal struck with the German government late last year, Tui had agreed to fully repay the silent participation provided by the government fund as well as a remaining warrant bond by the end of this year.
Payments by Tui for interest, coupons and compensation for conversion rights amounted to around 381 million euros, the statement said on Friday.
"This is a very important day for TUI – the roadmap to repay the state aid has been implemented consistently and swiftly," said Tui CEO Sebastian Ebel. "TUI is strengthened and on course, now the focus is on profitable growth."
($1 = 0.9109 euros)
(Writing by Rachel More; editing by Matthias Williams)