FTI: What the bankruptcy of the German travel giant means for tourists and hoteliers in Greece.
Overview
Table of Contents
Consequences of insolvency and impact on travelers
The third-largest travel provider in Europe, the German company FTI, has filed for insolvency. This news comes at a critical time, at the beginning of the vacation season. As of now, all planned trips that have not yet started are affected. These can either be completely canceled or only partially carried out. The aim is to ensure that trips that have already started are completed as planned. Last weekend, negotiations with an American investor failed, and the investor withdrew from the business. A significant decline in booking figures and a financial gap of several billion euros, which the investor was unwilling to take on, led to this decision. The German government also refused to provide further aid.
Status of cancelations
Affected travelers should contact their tour operator immediately to get clarity on what will happen to their planned trips. The ongoing uncertainty means that trips planned from today may not go ahead. Enquiring with travel insurance, which has been in place since 2018, is also recommended.
The Ministry of Tourism is on full alert
The Greek Ministry of Tourism is on full alert to ensure the safe return of the affected holidaymakers. Around 7,500 tourists from the insolvent FTI Group are currently in Greece. The ministry and the responsible minister, Olga Kefalogianni, are working closely with the agencies involved to organize the safe return of the tourists.
7,500 tourists in Greece affected
A total of around 7,500 tourists from the bankrupt FTI Group are currently in Greece. The impact of the insolvency will affect these holidaymakers, but the Greek authorities are trying to find a solution to minimize any negative effects.
Initial assessments by the Ministry of Tourism
The initial assessments of the Greek Ministry of Tourism indicate that swift action is needed to stabilize the situation. The mechanism to support affected holidaymakers has been activated and discussions are ongoing between various authorities to address the challenges posed by FTI’s insolvency.
Frequently asked questions
What impact has FTI’s insolvency had on current bookings?
FTI’s insolvency affects many travelers who have already made bookings. All booked trips could be canceled. Holidaymakers should contact their travel agent or FTI contact person for further information.
How should tourists deal with deposits on FTI trips?
For tourists who have already paid a deposit, the question arises as to how they should proceed. It is advisable to contact the tour operator and discuss options. The Travel Protection Fund can be helpful in minimizing financial losses.
To what extent are hoteliers in Greece affected by the FTI bankruptcy?
Hoteliers in Greece have been significantly affected by the FTI insolvency. Many of them had contracts and agreements with the tour operator that are now uncertain. This could cause financial bottlenecks and affect the tourist season.
What rights do travelers have if a trip is cancelled due to the FTI insolvency?
If a trip is canceled due to insolvency, travelers have certain rights. They are entitled to a refund of their payments and can also rely on the travel security fund.
How can tourists apply for compensation for canceled FTI trips?
Tourists whose trips have been canceled have the opportunity to apply for compensation. This includes the reimbursement of payments already made. To do so, they should contact the tour operator or their insurance company directly.
What options are there for holidaymakers in Greece to find alternative travel offers?
Holidaymakers in Greece who are affected by the FTI insolvency can look around for alternative offers. Many tour operators offer alternative trips, often at similar conditions. It is advisable to search travel portals or ask travel agencies for advice.
