Collapse of Europe’s third largest tour operator to hit airlines

NEWS FLASH

Europe’s third largest tour operator, the FTI Group, has filed for bankruptcy. It will result in the complete or partial cancellation of all trips from June 4, potentially affecting thousands of holidaymakers at the beginning of the travel-busy peak of the summer season. Responding to the development, Croatia Airlines said, “All passengers with tickets purchased through the German FTI Group for Croatia Airlines flights who have already started their journey and are currently in Croatia will be able to use their tickets for return flights operated by our aircraft”. Airlines are not allowed to fly travellers who have booked a now-cancelled package tour with FTI to their vacation destination and are yet to commence their journey. While other tour operators are expected to take over the FTI Group’s customers, short-term disruptions are expected. The German Economy Ministry called the insolvency “tragic” adding that it could not provide any additional assistance. However, it is European charter airlines operating out of Germany, Austria, and the Netherlands that will be counting the highest cost from the collapse.