On Monday, June 3, 2024, FTI Touristik GmbH, the parent company of the FTI GROUP, applied to initiate insolvency proceedings. Only the FTI Touristik brand was initially directly impacted; however, similar applications will follow for other group entities.
In April 2024, a consortium of investors was announced after a prolonged and intricate investor process. Despite this positive development, booking numbers have significantly underperformed expectations. Additionally, many suppliers have demanded advance payments. Consequently, an urgent need for liquidity arose that could not be met before the investor process concluded, making the insolvency filing legally necessary.
The FTI GROUP’s primary focus is now supporting travellers affected by insolvency. A support website has been established at www.fti-group.com/en/insolvency, along with a hotline at +49 (0) 89 / 710 45 14 98. Here, all relevant information is available, and both German—and English-speaking representatives can address individual inquiries. The FTI GROUP is also committed to regularly updating its guests in collaboration with the German Travel Security Fund (DRSF).
Impact on the Tourism Sector in Crete
The insolvency of FTI Touristik GmbH has had a significant impact on the tourism sector in Crete. The company’s debts, which amounted to 1,200,000 euros last year, remain unpaid. In Greece overall, FTI owes approximately 1.8 million euros to around 300 hotels from the previous year. Currently, 4,000 foreign visitors are on the island through this agency, with 80,000 expected throughout the tourist season. In an effort to minimize disruptions, arrangements are being made to transfer these visitors to other agencies. Additionally, 7,500 foreign travellers across Greece who booked through this agency are also being assisted in ensuring their holidays are unaffected, demonstrating the industry’s commitment to customer satisfaction.
The German Foreign Ministry has stated that the tourism industry and the Travel Insurance Fund will manage the repatriation and support of tourists impacted by this situation, providing consular support if needed to ensure their safe return. This development has been termed tragic.
Meanwhile, the Greek Ministry of Tourism and the German Foreign Ministry are working in tandem, maintaining open lines of communication and holding constant meetings to ensure the safe return of foreign travellers. The EOT office in Germany is actively involved, while the Ministry of Tourism in Athens is overseeing the situation. Notably, most Greek hoteliers who collaborated with FTI this year have already been prepaid for FTI’s customer arrivals, a testament to their foresight and commitment to customer service.
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