Struggling FTI Group Needs to Postpone Journeys Starting July 6th
Approximately 175,000 travel bookings made through FTI are getting axed, as stated. This impacts all travel packages and specific individual services, arranged by clients for journeys commencing from July 6th with the bankrupt firms FTI Touristik GmbH, BigXtra Touristik GmbH, and the brand 5vorFlug.
Bierbach verified that any payments and deposits made by travel package customers to the German Travel Compensation Fund (DRSF) will be reimbursed, ensuring no package tour client needs to fret about not recovering their cash. On the other hand, clients who have reserved individual services such as flights, accommodations, and transfers through FTI are not eligible for a refund of previously paid fees via the DRSF.
FTI Touristik GmbH initiated insolvency proceedings at the Munich District Court on June 3rd due to insolvency and debt overflow. The court approved the application that very day and assigned Bierbach as the temporary insolvency administrator.
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Despite the FTI Group's financial struggles, causing the postponement of journeys starting July 6th, Axel Bierbach guarantees refunds for package tour clients' payments to the DRSF. Regrettably, individuals who booked flights, accommodations, or transfers through FTI Tourism are not entitled to such reimbursements. The insolvency proceedings initiated by FTI Touristik GmbH led to the company's bankruptcy, confirmed by the Munich District Court on June 6th.
