The insolvency of FTI Touristik GmbH, one of the largest travel providers in Europe, has left many holidaymakers feeling uncertain. Here you can find out what effects the bankruptcy has and what steps you should take as an affected traveler.
Stay calm: Wait for information from FTI or the DRSF.
Contact: Use the hotlines and websites set up to receive up-to-date information.
No cancellations on your own: Avoid making cancellations on your own so as not to jeopardize your right to reimbursement.
Secure documents: Keep all documents and receipts in order to be able to make claims.
The following brands and suppliers are affected by the insolvency:
FTI in Germany, Austria and the Netherlands
5vorFlug in Germany
BigXtra GmbH
DriveFTI
Cars and Camper
Services booked through third-party providers such as TUI, Alltours or DERTOUR, where FTI merely acted as an agent, are not affected.
Holidaymakers who are currently on a package holiday booked through FTI are covered by the German Travel Insurance Fund (DRSF). The DRSF and FTI will endeavour to ensure that the trip can continue as planned. If this is not possible, a return trip to the original departure point will be organised.
All package tours booked with departure from June 5 to 10, 2024 will be cancelled. The DRSF will reimburse the costs. For trips from June 11, FTI will try to carry out the trips as planned. If this is not possible, the DRSF's insurance protection will also apply here.
Individual services such as hotel stays or rental cars that were booked separately do not fall under the statutory insurance protection for package tours and are therefore not covered by the DRSF. Those affected should contact their tour operator directly to clarify the feasibility of the services.
FTI received 595 million euros in state aid during the Corona pandemic, but was only able to repay a fraction of it. Due to a funding gap amounting to a double-digit million amount and the refusal of the new investor to close this gap, FTI had to file for bankruptcy. Booking figures fell short of expectations and many suppliers demanded advance payments, which led to an increased need for liquidity.
The insolvency of FTI is an isolated case and cannot be directly applied to the entire travel industry. Other large providers such as TUI and DER Touristik are financially more stable and are back in the black.
The insolvency of FTI Touristik GmbH affects many travelers, who are, however, well protected by the German Travel Insurance Fund. It is important to stay informed and use the official channels to obtain up-to-date information.
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Note: KI-generated Picture