The administrator appointed to oversee the insolvency of FTI Touristik GmbH has said customer payments are secured, ‘solutions’ are being sought for booked holidays to go ahead, and he’s exploring possibilities that could save some business divisions.
Europe’s third-largest tour operator filed for insolvency in a Munich court on Monday and restructuring expert and lawyer Axel Bierbach from Müller-Heydenreich Bierbach & Kollegen (Munich) has been appointed as provisional insolvency administrator.
He has assured customers their money is safe under the German Travel Security Fund (DRSF) and said ‘top priority’ would be given to the approximately 60,000 holidaymakers who are currently on overseas holiday.
FTI representatives have been made available and FTI has set up a hotline for customer enquiries. Talks are already underway with other providers to enable forthcoming holidays to go ahead.
All trips booked via FTI Touristik up to and including Monday, 10 June 2024 have been cancelled but ‘solutions are currently being sought for trips after this date in order to be able to carry out the trips in an orderly manner,’ FTI said.
Axel Bierbach said: “FTI, the DRSF and I know what a difficult and emotionally stressful situation the holidaymakers affected are now in and together we are doing everything we can to find quick and good solutions for the customers in order to avert as much damage as possible.
“We are making every effort to ensure that travellers can complete their holiday and return home safely and on schedule.
“We are working at full speed to explore all possibilities to have the booked trips carried out as planned by other travel providers from the earliest possible date. We hope to find a solution for travel from 1 July at the latest.”
In a statement announcing the update, FTI said staff’s wages will be covered until the end of August.
The statement added: “The provisional insolvency administrator will now examine all options as to whether and in what form continuation options exist for the insolvent company and will also explore possibilities for the sale of business divisions in Germany and abroad.”
Youtravel.com, which is part of FTI, has cancelled all bookings until 10 June.
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Europe’s third-largest tour operator filed for insolvency in a Munich court on Monday and restructuring expert and lawyer Axel Bierbach from Müller-Heydenreich Bierbach & Kollegen (Munich) has been appointed as provisional insolvency administrator.
He has assured customers their money is safe under the German Travel Security Fund (DRSF) and said ‘top priority’ would be given to the approximately 60,000 holidaymakers who are currently on overseas holiday.
FTI representatives have been made available and FTI has set up a hotline for customer enquiries. Talks are already underway with other providers to enable forthcoming holidays to go ahead.
All trips booked via FTI Touristik up to and including Monday, 10 June 2024 have been cancelled but ‘solutions are currently being sought for trips after this date in order to be able to carry out the trips in an orderly manner,’ FTI said.
Axel Bierbach said: “FTI, the DRSF and I know what a difficult and emotionally stressful situation the holidaymakers affected are now in and together we are doing everything we can to find quick and good solutions for the customers in order to avert as much damage as possible.
“We are making every effort to ensure that travellers can complete their holiday and return home safely and on schedule.
“We are working at full speed to explore all possibilities to have the booked trips carried out as planned by other travel providers from the earliest possible date. We hope to find a solution for travel from 1 July at the latest.”
In a statement announcing the update, FTI said staff’s wages will be covered until the end of August.
The statement added: “The provisional insolvency administrator will now examine all options as to whether and in what form continuation options exist for the insolvent company and will also explore possibilities for the sale of business divisions in Germany and abroad.”
Youtravel.com, which is part of FTI, has cancelled all bookings until 10 June.
The post Administrator ‘exploring possibilities’ for sale of FTI Touristik businesses appeared first on Travel Gossip.
Continue reading...
