FTI announced its filing of bankruptcy and is now working to fulfill trips of customers who had already made their payments ahead of time.
German tour operator, and Europe's third largest tour operator FTI Group filed for insolvency in the Munich regional court last Monday.
Initially, only the tour operator brand FTI Touristik is directly affected by the bankrupcy, however, corresponding applications will also be filed for other Group companies, the company said it a statement.
International reports suggest that the company held meetings with German economic and finance ministries and gathered roughly USD 11 million to partially settle its debts, which was met with rejects. Projections suggest that the company's debts are at around USD 1 billion.
Following a major blow to the business during Covid-19, the travel agency took a USD 650 million loan via the German government's economic stabilisation loan. An additional loan worth USD 315 million was also taken by the company from the European Commercial Bank, on a government guarantee.
The company, which employs around 11,000 people informed its employees of this development, and has set up a support website for its customers who have already paid for their trips at www.fti-group.com/de/insolvenz. A free hotline (+49 (0) 89 / 710 45 14 98) has also been set up by the company to further facilitate support.
The company further said that they are doing everything they can to fulfil the trips customers have already paid for.
Sign In