Tour operator
FTI creditors are demanding 840 million euros back
After the travel company went bankrupt, many package travelers have already had their money refunded. The insolvency administrator has bad news for the other creditors.
The creditors of the insolvent travel group FTI have so far registered claims for more than 840 million euros. Insolvency administrator Axel Bierbach had bad news for them at the first creditors’ meeting on Wednesday in Munich: the prospects of getting much money back were slim. Given the large number of creditors, the examination of the claims will take years. And in the end there will probably only be a small quota.
The third largest European travel group FTI filed for bankruptcy in June after customers and travel agencies became increasingly cautious when booking, contractual partners insisted on payment in advance and the company ran out of money. Around 290,000 creditors were customers of FTI Touristik GmbH. Package travelers get their advance payments back from the German Travel Insurance Fund (DRSF). The DRSF has already written to 180,000 eligible people, received 125,000 applications and paid out around 50 million euros.
The situation is different for hotels, travel agencies, airlines, banks and the state Economic Stabilization Fund (WSF), which lent money to FTI during the corona pandemic. According to Bierbach, 565 creditors have registered claims totaling more than 564 million euros by post. A further 69,000 creditors electronically registered claims for a good 276 million euros.
The winding up of the group is making good progress, said Bierbach. Several subsidiaries and a four-star hotel on the Greek island of Kos were sold. Of the 1,000 FTI employees in Germany, 100 were still involved in the process.
Information from the insolvency administrator on FTI
dpa
Source: Stern
