One of Europe's Leading Tour Operators Declares Insolvency
17-06-24
FTI Group, one of Europe's largest tour operators, has filed for receivership and declared insolvency. The Munich-based company has faced a number of problems, including a significant decline in bookings, according to a press release.
"After a long and complex investor process, a consortium of investors was announced in April 2024. However, booking figures have fallen short of expectations despite the positive news. In addition, numerous suppliers have insisted on payment in advance, which has increased the need for liquidity. This has led to the need to declare insolvency on legal grounds," the company explained.
FTI Group is prioritizing support for travelers affected by the insolvency. They are working hard to ensure that ongoing travel can be completed as planned. However, travel that has not yet commenced will likely not take place or will take place on a partial basis as of June 4, 2024.