By Matt Grossman

 

Booking Holdings Inc. will return more than $100 million in aid that it received from governments during the Covid-19 pandemic, the Norwalk, Conn.-based travel-booking company said Friday.

"While the decision to accept this assistance was made during a period when the company's business was severely impacted and the timing and pace of the recovery of the travel industry was very uncertain, the company is now encouraged by the improving booking trends in certain countries in recent months," Booking said in a regulatory filing.

The aid to be returned was received through the Netherlands' wage-subsidy program and other government aid programs in other countries, Booking said. The company said it will return about $110 million to various governments. In the second quarter, it will reverse about $140 million in aid that was recorded on its income statements last year and in the first quarter, Booking said.

 

Write to Matt Grossman at matt.grossman@wsj.com

 

(END) Dow Jones Newswires

June 04, 2021 08:49 ET (12:49 GMT)

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