The third largest European tour operator is being wound up. Package holidaymakers who were unable to take paid trips will not go away empty-handed, however. Hundreds of employees will now lose their jobs.
The Munich District Court has opened insolvency proceedings over the assets of the third-largest European travel group FTI. The over-indebted company is now being wound up. Insolvency administrator Axel Bierbach says the estimated 350,000 creditors can now file their claims.
Most of the creditors are package holidaymakers who were unable to go on their prepaid trips. The German Travel Insurance Fund will reimburse them. Around 600 FTI employees are now to be laid off, 130 can stay until the end of the year. Another 300 already have new jobs.
Source: Stern
