FTI Group, Europe’s third-largest travel provider, declared bankruptcy today following unsuccessful negotiations with the federal government, impacting 11,000 employees and tens of thousands of travelers currently on holiday or with future bookings.
Employees were informed of the bankruptcy during a morning video conference, though booking systems had already failed, ostensibly due to technical issues. The website of Labranda Hotels, owned by FTI, was also taken offline by morning.
FTI management had been in talks over the weekend with the economy and finance ministries, seeking a bailout to bridge a funding gap of several million euros to sustain operations through the summer. However, the federal government rejected the…
