Memories of the Thomas Cook bankruptcy are being revived in the tourism industry by the insolvency application submitted today to the Local Court of Munich by FTI Touristik GmbH, the parent company of FTI GROUP.
According to the Group's announcement, "Initially, only the travel agency brand FTI Touristik is directly affected by this. Subsequently, however, similar applications will be submitted for other companies in the Group. Windrose Finest Travel GmbH with its luxury brand WINDROSE will continue its operations.
After a long and complex investment process, the entry of an investor consortium was announced in April 2024. Since then, however, booking figures have been far below expectations despite the positive news. Additionally, many suppliers insisted on prepayment. As a result, there was an increased need for liquidity, which could no longer be bridged until the completion of the investment process. Therefore, the insolvency application became necessary for legal reasons.
Information for customers of the FTI GROUP
The support of travellers affected by the consequences of the insolvency is now a top priority for the FTI GROUP. A support website has already been created at www.fti-group.com/en/insolvency, as well as a support hotline at +49 (0) 89 / 710 45 14 98.
All relevant information is available here in both German and English, and English-speaking representatives are available for individual inquiries. In addition to fully focusing on customer support, the FTI GROUP will also regularly update its visitors along with the German Travel Security Fund (DRSF).
We are currently working hard to ensure that trips that have already started can be completed as planned. Trips that have not yet started will likely no longer be possible or only partially possible from Tuesday, June 4, 2024. In cooperation with the (temporary) insolvency administrator who has not yet been appointed, a plan for the continuous updating of affected travellers and the operational implementation of the necessary measures will be developed in the coming days," FTI stated in its announcement.
Source: fti-group.com
