Reported 6 months ago
German tour operator FTI Group, Europe's third-biggest tour operator, announced its parent company FTI Touristik GmbH is filing for insolvency protection due to booking figures falling short of expectations despite investor news in April. The company cited increased need for liquidity and inability to bridge the gap until the completion of the investor process as reasons for the legal necessity of the insolvency filing. FTI is working to ensure that ongoing trips can be completed as planned, but upcoming trips may be canceled or scaled back. A support website and hotline have been established for affected customers, as the Munich-based FTI Group with over 11,000 employees navigates these challenges.
Source: YAHOO