The German FTI Touristik, the third largest journey firm in Europe, has gone bankrupt | EUROtoday

Listen to the audio model of the article

It had been in dire straits for the reason that pandemic. And now she's shipwrecked. FTI Touristik, the tour operator of the German group FTI Touristik GmbH with 11,000 workers and Europe's third largest journey firm, took its books to courtroom and opened insolvency proceedings as we speak in Munich.

The chapter impacts all journeys booked with tour operator FTI Touristik GmbH. These embrace the FTI manufacturers in Germany, Austria and the Netherlands, the 5vorFlug model in Germany and in addition BigXtra GmbH, DriveFTI rental vehicles and Cars and Campers.

The requests for brand new assist made by the mum or dad firm in Berlin to the Federal Ministry of Finance and the Federal Ministry of Economics have been unsuccessful over the weekend, as Handelsblatt reported. During the coronavirus pandemic, the federal authorities helped the corporate, which had been in need of money for years, with an injection of 595 million euros by means of the Economic Stabilization Fund. But this assist was not sufficient.

The German press reported that not even an acquisition operation arrange by a consortium led by the American monetary investor Certares, which wished to take over the FTI group for one euro and make investments 125 million within the firm, was unsuccessful.

In a press release, FTI mentioned the corporate is working onerous to make sure that journeys already underway might be accomplished as deliberate. To this finish, the German Travel Insurance Fund, launched in 2021, will step in. If a journey supplier goes bankrupt, FAZ reported that the Deutsche Reisesicherungsfonds Fund ought to deal with refunding clients' deposits and in addition the return transport of stranded holidaymakers and their lodging till return transportation.