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)

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