June 3 ()
FTI Touristik, parent company of FTI Group, Europe’s third largest tour operator, has submitted this Monday a request to open insolvency proceedings before the Court of First Instance of Munich, according to a statement.
Initially, only this brand of the tour operator will be directly affected but, later, corresponding applications will also be submitted for other companies in the group. Windrose Finest Travel, with the luxury brand Windrose, will continue its activity.
Still, the independent companies Euvia and its travel shopping channel sonnenklar.TV as well as the franchise system of Touristik Vertriebsgesellschaft with its brands sonnenklar.TV Reisebüros, 5vorFlug Reisebüros and Flugbörse do not belong to the FTI Group.
Last April, the entry of a consortium led by Certares was announced with the commitment to invest 1,250 million euros and, since then, the reserve figures have been “well below expectations.” 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 investor process was closed.” Thus, the declaration of insolvency has become necessary for legal reasons.
FTI Group, considered the third tour operator in Europe, has 11,000 employees around the world and more than 50 owned and managed hotels, generating sales of around €4.1 billion in 2023.
In addition, it operates from six markets of origin (Germany, France, Austria, Switzerland, the United Kingdom and the Netherlands) for 120 countries, in addition to covering 15% of the German country’s quota.
SUPPORT AFFECTED TRAVELERS, “ABSOLUTE PRIORITY”
Currently, supporting travelers affected by the consequences of insolvency is now an “absolute priority” for the FTI Group. Therefore, a helpline and a website with frequently asked questions have already been created for all the company’s customers.
“We are working intensively to ensure that trips that have already started can be completed as planned. Trips that have not yet started will probably no longer be possible or will only be partially possible starting tomorrow, June 4,” he explained in the statement. .
Finally, in cooperation with the yet to be appointed (provisional) bankruptcy administrator, a plan will be developed in the coming days for the continuous information of affected travelers and the operational implementation of the necessary measures.
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