Preliminary bankruptcy proceedings opened for Swiss FTI subsidiary
Published: Thursday, Jul 4th 2024, 07:30
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The Swiss subsidiary of the insolvent German travel provider FTI Touristik GmbH is now also insolvent. On July 2, a so-called "preliminary bankruptcy notice" was published by the debt enforcement and bankruptcy office of the Canton of Basel-Landschaft for FTI Touristik AG, as reported in the Swiss Official Gazette of Commerce on Thursday.
A provisional notice of bankruptcy is used if the exact type of bankruptcy proceedings has not yet been determined. The corresponding publication on the type of proceedings will be made at a later date. The German parent company, which is the third-largest European travel provider, had already filed for insolvency proceedings with the Munich Local Court at the beginning of June.
The guarantee fund of the Swiss travel industry had already voluntarily accepted payments from end customers before the bankruptcy. This was intended to bridge the gap until the expected bankruptcy of the Swiss subsidiary. The bankruptcy proceedings that have now been initiated should therefore have no immediate impact on the end customers affected. In Switzerland, an estimated 10,000 customers were affected by the company's bankruptcy.
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