Because the Munich-based firm introduced, an software for insolvency was filed on Monday. It was solely in April of this 12 months Europe’s third-largest journey group had introduced the entry of a consortium of traders from the USA.
Since then, nevertheless, reserving figures have fallen effectively wanting expectations regardless of the optimistic information, based on an announcement from FTI. As well as, quite a few suppliers insisted on advance fee. The elevated liquidity requirement may now not be bridged till the closing of the investor course of.
In line with media stories, the sum is within the excessive double-digit thousands and thousands. Negotiations with the German authorities have been reportedly nonetheless going down on the weekend, however the authorities refused to offer financing.
Journey can now not be carried out
In line with FTI, work is at present being achieved to make sure that journeys which have already begun might be accomplished as deliberate. Journeys that haven’t but begun will most likely now not be capable of happen or will solely be capable of happen partly from Tuesday, June 4, 2024. A separate Web site furnished.
The group contains FTI Touristik, the short-term tour operator 5vorFlug, the rental automotive dealer Drive FTI, the vacation spot administration firm Assembly Level Worldwide, which operates at over 40 places worldwide, and the organizer of promotional merchandise BigXtra. In Austria, FTI Touristik has a department in Linz and employs 70 individuals.
Total, the group has employs over 11,000 individuals worldwide and achieved consolidated gross sales of round 4.1 billion euros within the 2022/23 monetary 12 months.
