German tour operator FTI said on Monday it was applying for protection from creditors and trips not yet started would be canceled or curtailed.
The FTI Group, which describes itself as Europe's third-largest tour operator, said parent company FTI Touristik GmbH has filed an application for insolvency proceedings in a Munich court. After a consortium of investors was announced in April, “bookings were below expectations despite the positive news,” the company said in a statement.
“In addition, many suppliers insisted on prepayment,” the company added. “As a result, there was an increased need for liquidity, which could no longer be covered until the process of attracting investors was completed.” This made filing for insolvency a legal necessity.
The operator said it was working to ensure that journeys already started could be completed as planned, but “trips that have not yet started are likely to be impossible or only partially possible from Tuesday”. A support website and hotline have been opened for affected customers.
According to Greek media, FTI owes 300 hotels in Greece, with whom it collaborated, for a total of 1.8 million euros, starting in 2023. For 2024, Greek hoteliers asked to pay in advance, since last year it was clear that “something was happening” to the company.
Repatriation of tourists who have booked tours with this company will be carried out with the help of other companies.
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