FTI Group Declares Bankruptcy: Europes Third-Largest Travel Conglomerate Faces Insolvency
FTI Touristik GmbH, the parent company of FTI Group, has filed for insolvency at the Munich District Court, marking a significant setback for one of Europe's major travel conglomerates. The company announced that efforts are underway to ensure that ongoing trips can be completed as planned, while trips that have not yet started are expected to be either cancelled or partially conducted starting from the following day. The insolvency petition currently only applies to the FTI Touristik event brand, with plans to extend it to other group companies in the near future. Reports indicate that FTI had been facing financial difficulties, prompting intense negotiations for short-term support at the Federal Ministry of Finance and the Federal Ministry of Economics. Despite receiving approximately 600 million euros in government aid during the Covid-19 pandemic, FTI has only repaid a portion of this sum, highlighting the challenges faced by the company in the current economic climate.
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