Germany FTI Touristik Cancels Trips Due to Insolvency

FTI is a key players in the Mallorcan tourist sector. | wikipedia

FTI Touristik GmbH, in close collaboration with insolvency administrator Axel Bierbach and the German Travel Security Fund (DRSF), has cancelled all trips departing up to and including July 5th, 2024. Affected customers and service partners are being informed directly.

"Since the beginning of the week, FTI, the DRSF, and we have explored all options to continue existing bookings," said Bierbach on Friday. "While a solution seems possible, it won't be available in the coming days. To prioritize planning security for customers with imminent departures, cancelling trips within the next four weeks is the best course of action." Operating trips during this period would pose too much uncertainty and risk for holidaymakers.

This decision impacts all package holidays, individual bookings, and individual services booked with FTI Touristik GmbH, 5vorFlug, and BigXtra Touristik GmbH for the specified period. BigXtra Touristik GmbH, a subsidiary of FTI GROUP, also filed for insolvency on June 6th, 2024. Axel Bierbach was appointed provisional insolvency administrator for both companies.

FTI, the insolvency administrator, and the DRSF are actively seeking solutions for trips booked through FTI and BigXtra, with departures from July 6th, 2024, onwards. "We're intensively negotiating with competitors to explore the feasibility of package holiday takeovers," said Bierbach.

"Our goal is to ensure customers can travel to their booked destinations during their planned holiday period at the agreed price, considering the deposit already paid. This would be especially beneficial for customers with high down payments or limited budgets, allowing them to travel without waiting for DRSF reimbursement. However, we understand the time constraints, as this uncertainty, particularly with summer holidays approaching, is a significant burden for affected travellers." A decision regarding cancellation or takeover of the remaining bookings will be made very soon.

For holidaymakers currently on vacation, Bierbach stated, "We deeply regret the inconvenience and are working diligently to minimize the impact on all those affected."

FTI employs 11,000 people worldwide and offers tours to more than 40 destinations around the world, including Greece and Cyprus, through its 10,000 partner agencies in Germany. In the 2022/2023 financial year, it reported annual sales of around 4.1 billion euros

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