Despite insolvency
FTI travellers should be able to finish their holidays as planned
05.06.2024, 17:34
Listen to article
This audio version was artificially generated. More info | Send feedback
The insolvency of the tour operator FTI raises questions: Will future trips be cancelled? And what about the travellers who have already started their holiday? Insolvency administrator Axel Bierbach provides initial answers and delivers good and bad news.
The insolvency administrator of the insolvent travel group FTI has started his work and now wants to help holidaymakers who have already started their trip. The top priority is the approximately 60,000 people who are currently traveling in the destination areas, explained Axel Bierbach. “We are trying to ensure that the travelers can finish their vacation and return home safely and as planned.”
On Monday, FTI Touristik GmbH filed an application with the Munich District Court to open insolvency proceedings due to insolvency and excessive indebtedness. The court approved the application on the same day and appointed the restructuring expert Bierbach as provisional insolvency administrator.
Trips that have not yet started will be cancelled
The German Travel Insurance Fund will step in for customers who have already started package tours, as Bierbach has now emphasised once again. However, trips that were due to start in the coming days would have to be cancelled “because a smooth travel process in the destination countries cannot be guaranteed”. This applies to all trips booked through FTI Touristik GmbH up to and including Monday, June 10th.
Solutions are currently being sought for trips after this date: “We are working hard to explore all options to have the booked trips carried out by other travel providers as planned from the earliest possible date,” explained Bierbach. Those affected will be informed as soon as possible. In general, however, all customer payments for package tours booked through FTI are also covered by the travel guarantee fund if the services are not provided.
New trips with FTI can “no longer be booked with immediate effect,” it said, and the booking portals have already been shut down. Talks are already underway with employees and the works council about how to proceed – they will receive insolvency benefits up to and including August. Bierbach now wants to “examine all options to see whether and in what form there are opportunities to continue the insolvent company.” This also includes the possible sale of business areas at home and abroad.