FTI Touristik, the third largest operator in Europe, has filed for insolvency.
A statement issued by FTI Group said: “FTI Touristik GmbH, the parent company of the FTI Group as the third largest tour operator in Europe, will file an application for the opening of insolvency proceedings at the Munich Local Court on Monday, 3 June 2024.
“Initially, only the tour operator brand FTI Touristik is directly affected by this. Subsequently, however, corresponding applications will also be filed for other Group companies.”
The group also owns Youtravel.com. The news comes weeks after FTI Group announced a €125 million injection from an investment consortium.
The statement continued: “After a lengthy and complex investor process, the entry of a consortium of investors was announced in April 2024.
“Since then, however, booking figures have fallen well short of expectations despite the positive news. In addition, numerous suppliers have insisted on advance payment.
“As a result, there was an increased need for liquidity, which could no longer be bridged until the closing of the investor process. The filing for insolvency has therefore become necessary for legal reasons.”
It added: “We are currently working hard to ensure that trips that have already started can be completed as planned. Trips that have not yet begun will probably no longer be possible or only partially possible from Tuesday, 4 June 2024.”