FTI Touristik, part of FTI Group, has filed for insolvency.
The operator, which is the third largest in Europe, said it has filed ‘an application for the opening of insolvency proceedings at the Munich Local Court on Monday, 3 June 2024’.
FTI Group, which owns a number of companies, including Youtravel.com, issued a statement to say: “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.
“In cooperation with the (provisional) insolvency administrator yet to be appointed, a concept for the ongoing information of affected travellers and the operational implementation of the necessary measures will be developed in the coming days.”
The statement added: “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.”
