Tui raises further €1.8 billion to repay Covid state aid
James ChappleTui has raised a further €1.8 billion to continue paying back the state aid stumped up by the German government during the pandemic.
The capital increase, announced last month, was completed on Monday (17 April), with Tui pledging to use the cash to repay – in full – outstanding aid provided by Germany’s economic stabilisation fund (WSF), as well as to support a reduction in credit lines provided by German state bank KfW.
Sebastian Ebel, Tui chief executive, confirmed: "As announced, we will repay the aid received from the WSF in full, including interest, from the proceeds of the capital increase.
"We are reducing our debt and interest costs, [so] Tui will have a good balance sheet structure. Now we focus on profitable growth and improved profitability."
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