BERLIN — German tour operator FTI said Monday that it is filing for insolvency protection from creditors, and trips that haven’t yet started will be canceled or scaled back.
FTI Group, which describes itself as Europe’s third-biggest tour operator, said parent company FTI Touristik GmbH, was filing an application for the opening of insolvency proceedings at a Munich court.
Since an announcement in April that a consortium of investors would come on board, booking figures have fallen well short of expectations despite the positive news, the company said in a statement.
In addition, numerous suppliers have insisted on advance payment, it added. As a result, there was an increased need for liquidity, which could no longer be bridged until…
Read the full article at: https://abcnews.go.com/International/wireStory/german-tour-operator-fti-filing-insolvency-canceling-future-110768567