FTI has called off all forthcoming journeys.
Here's the Paraphrased Text:
Tour Company FTI Touristik Scraps All Trips Starting July 6th. Great: Package Tour Purchasers Get Their Cash Back. Too Bad: Those with Individual Bookings Can't Claim a Refund.
In a shocking move, FTI Touristik has nixed all their scheduled trips, as per the decision made by the Creditors' Committee and confirmed by the temporary administrator, Axel Bierbach. The ax falls specifically on trips scheduled after July 6th.
The German Travel Compensation Fund (DRSF) had been gearing up to manage the resolution of existing compensation claims with other tour agencies. However, a quick fix wasn't found for taking over FTI's package tours, so to provide a sense of security before the summer holidays and to enable customers to book a new trip ASAP, all remaining trips were canned.
Around 175,000 package tours and some select individual bookings for travel between July 6th and the insolvent companies FTI Touristik GmbH, BigXtra Touristik GmbH, and the marketing brand 5vorFlug were impacted. With the termination of all package tours, FTI's travel agency partners can now offer alternative trips to their customers. The company has initiated communication with customers, travel agencies, and hotels.
Bright Horizons for 230 TVG Travel Agencies
Bierbach predicted the existing travel bookings to amount to a hefty three-digit million euros. All the money-back guarantees for package tour customers will be honored by the Travel Compensation Fund. However, customers who solely booked individual services such as flights, hotels, and transfers through FTI can't seek reimbursement of their payments via the DRSF.
Good news for around 230 TVG travel agencies is that their futures are secured: Raiffeisen Vertriebs GmbH will take over FTI's 50% stake in the Touristik Vertriebsgesellschaft TVG, making them the sole owner, as announced by Bierbach.
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In light of FTI Touristik's insolvency, many tour operators have had to cancel their partnerships with the company, resulting in the suspension of multiple tours for tourists, negatively impacting the tourism industry.
Affected by FTI Touristik's insolvency, tourists who had booked individual travel services such as flights, hotels, and transfers, may not be eligible for reimbursement through the German Travel Compensation Fund (DRSF).
