BERLIN, June 3 (Reuters) – Europe’s third-largest tour operator FTI Group filed for insolvency in the Munich regional court on Monday, the German company said in a statement, as bookings continued to fall even after a recent one-euro buyout proposal.
In addition to sinking orders, multiple suppliers insisted on advance payments, which FTI is no longer able to provide.
The group has opened a hotline and a website for customers, the statement added.
It will have to either cancel or complete only partially all trips from June 4, potentially affecting thousands of holidaymakers at the beginning of the travel-busy summer season.
The German Foreign Ministry said that the tourism industry and travel insurance fund would take care of repatriating a…
Read the full article at: https://www.reuters.com/markets/deals/europes-third-largest-tour-operator-fti-files-insolvency-2024-06-03/
