One of the largest tour operators in Europe requests suspension of payments and declares itself insolvent

This article was originally published in English

FTI Group, one of the largest tourism companies in Europe, has declared insolvency. The company, based in Munichhas recently been affected by a number of problems, including a shortage of reserves, according to a press release:

“After a long and complex investor process, the entry of a consortium of investors was announced in April 2024. Since then, however, booking figures have been well below expectations despite the positive news.

“In addition, many suppliers have insisted on payment in advance. As a consequence, the need for liquidity has increased, which could not be covered until the closure of the investor process. Therefore, The declaration of insolvency has become necessary for legal reasons.

“Supporting travelers affected by the consequences of insolvency is now a top priority for the FTI Group. We are currently working hard to ensure that trips that have already started can be completed as planned. Trips that have not yet started are likely already “They will not be possible or will only be partially possible from Tuesday, June 4, 2024.”

The FTI has also highlighted that details are still being worked out on how to manage traveler information and the insolvency measures that will be applied. Additionally, a website and hotline have been created to help customers, Answer your questions and get you refunds and other technical aspects are resolved in the most fluid and efficient way possible.

Summer vacation can be chaos

Travelers looking to go on vacation this summer could face a number of problems, such as the cancellation or interruption of several organized trips. Vacationers will have to look for other travel options or spend the summer at home.

The German Foreign Ministry has offered its support to travelers abroad and stated that will help repatriate tourists to their respective countries and provide consular assistance if necessary.

In recent months, Germany has faced a growing number of problems related to travel and tourismespecially accentuated by the extensive Lufthansa strikes carried out by the employees looking for a salary increase.

Airlines and tour operators are still dealing with the lingering effects of the pandemic, combined with rising cost of living and interest rateswhich somewhat slow down travel demand by reducing disposable income.

Recently, the European aviation sector called for more government support for airlines to accelerate their transition to renewable energy, increasing the production of sustainable aviation fuel (SAF), as well as subsidies and aid to acquire it.