FTI has called off all travel plans.
Travel agency group FTI Touristik has called off all pre-booked journeys, as per the decision made by the creditors committee and confirmed by preliminary insolvency administrator Axel Bierbach. This action includes trips scheduled from July 6th.
The German Travel Compensation Fund (DRSF) initiated discussions regarding the settlement of existing claims with other travel agencies, but a prompt solution for transferring package tours was not found. To ensure FTI customers have a secure plan before the onset of summer vacations and can effortlessly book an alternative trip with a different provider, all remaining journeys have been cancelled.
Approximately 175,000 package tours and certain individual services were impacted, which customers had booked for departures from July 6th with the bankrupt companies FTI Touristik GmbH, BigXtra Touristik GmbH, and the marketing brand 5vorFlug. With the cancellation of all package tours, FTI's travel agency partners can now offer alternative trips to their customers. The company is currently communicating the changes to customers, travel agencies, and hotels.
Bierbach reported that the total value of existing travel bookings amounts to a high three-digit million euros. Customers who booked package tours will receive a refund from the Travel Compensation Fund. On the other hand, those who only booked individual services such as flights, hotels, and transfers via FTI will not be eligible for reimbursement of already paid amounts through the DRSF.
Bierbach also announced that Raiffeisen Vertriebs GmbH will take over FTI's 50% stake in the Touristik Vertriebsgesellschaft TVG, making them the sole owner of the company, safeguarding around 230 FTI travel agencies in the process.
Read also:
FTI's decision to cancel all travels also affects journeys scheduled for July, as mentioned in their announcement to cancel trips starting from July 6th. Furthermore, negotiations with the German Travel Compensation Fund (DRSF) for a solution to transfer package tours haven't yielded prompt results, leading to the cancellation of all remaining trips.
