The German tourism giant FTI, the third largest in Europe in the sector, has opened insolvency proceedings before the Munich court. The bankruptcy will presumably affect journeys that have not yet started, starting from tomorrow 4 June. The group has 6 brands, around 90 branches worldwide and 11 thousand employees. The operator […]
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The German tourism giant FTI, the third in Europe in the sector, has opened a insolvency proceedings in front of the Munich court. The bankruptcy will presumably affect trips that have not yet begun, already starting tomorrow 4 June. The group has 6 brands, around 90 branches worldwide and 11 thousand employees. The operator offered 120 destinations around the world and owns and/or directly manages around fifty hotels around the world, with a turnover of 4.1 billion euros. “We are currently working hard to ensure that travel already started they canor be completed as scheduled“, says the group. According to initial information, initially only the brand FTI Touristik will be directly affected by the bankruptcy declaration, similar applications will then be presented for the various branches.
The group had received aid for almost 600 million euros during the pandemic and they were negotiations underway with a consortium led by the US fund Certares for the sale of the group. The main shareholder is currently the Egyptian Sawiris family. However, according to what the German press reconstructs, in recent times the number of bookings has been significantly lower than expected while suppliers have demanded advance payments. Second Handelsblatt the group found themselves like this short of liquidity for several tens of millions while, after negotiations held over the weekend, the government refused new aid.
