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Bloomberg
TUI AG agreed on a plan to repay a chunk of its bailout package from the German government, the latest sign of the travel sector’s recovery from the coronavirus pandemic.
The pickup in travel means the company can repay most of the remaining aid by the end of 2023, TUI said in a statement. The repayments will be financed by capital increases, moves that will need shareholder approval at TUI’s annual general meeting in February.
TUI received a total of €4.2 billion ($4.5 billion) in state assistance packages after the pandemic punctured a travel boom.
“Of course, we still have a challenging road ahead of us,†said Sebastian Ebel, TUI’s CEO.