Europe’s third largest Tour Operator “FTI Touristik” has declared bankruptcy upsetting the plans of thousands of travelers, with scheduled trips expected to be either canceled or partly suspended as early as tomorrow, Tuesday, June 4.
According to sources, the German-based company has reportedly settled any outstanding debts to nearly all its client hotels in Crete, while market pundits estimate the Tour Operator still owes approximately 2 million euros to hotels in the rest of the country.
FTI Touristik GmbH, the parent company of FTI Group, filed for insolvency with the Munich District Court. The company in its statement said trips scheduled to start from tomorrow, Tuesday, June 4, are likely to be canceled or only partially carried out.
“Every effort is currently being made to complete already commenced trips as planned,” the group stated. Initially, the bankruptcy filing directly affects only the corporate brand FTI Touristik, but similar filings for other companies within the group are expected to follow”, a statement read.
The announcement noted that after a long and complex process of discussions with investors, the entry of a consortium to finance the group was announced in April 2024. However, since then, booking numbers have fallen significantly below expectations despite the positive news. Additionally, many suppliers insisted on prepayment, resulting in an increased need for liquidity that could not be met until the investment process was completed. Consequently, the bankruptcy filing became legally necessary.
