Travel group FTI goes into insolvency
Published: Monday, Sep 2nd 2024, 11:30
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The third-largest European tour operator is being wound up. Hundreds of employees are now losing their jobs.
Munich Local Court has opened insolvency proceedings for the assets of FTI, Europe's third-largest travel group. Insolvency administrator Axel Bierbach says that the estimated 350,000 creditors can now register their claims.
Around 600 FTI employees are to receive their notice now, 130 can stay until the end of the year. A further 300 already have new jobs.
The Swiss FTI subsidiary had already filed a "preliminary bankruptcy notice" with the debt enforcement and bankruptcy office of the canton of Basel-Landschaft at the beginning of July. The guarantee fund of the Swiss travel industry had already voluntarily accepted payments from end customers.
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