FTI insolvency: Almost 245 million euros paid back to travelers!

FTI insolvency: Almost 245 million euros paid back to travelers!

Almost a year after the bankruptcy of the Munich travel provider FTI Touristik GmbH, most of the affected package travelers have received their money back. The German Travel Insurance Fund (DRSF) processed around 172,000 applications and paid out a total of 245 million euros. These refunds primarily affect package travelers who booked their trips via FTI, 5vorFlug or BigXtra. However, package holidays that were arranged through third-party providers such as TUI or Alltours are not affected, as FTI only acted as an intermediary in these cases.

A total of 212,000 travelers were contacted about refund options, although 34,000 did not contact the DRSF. The DRSF points out that around 6,000 more complex applications are currently still being processed. The situation looks worse for the company's other creditors, who represent over 73,000 creditors with almost a billion euros in claims.

Bankruptcy details and jobs

On June 3, 2024, FTI filed for bankruptcy. In addition to FTI Touristik GmbH, several subsidiaries also filed for bankruptcy, including BigXtra Touristik GmbH and FTI Voyages SAS, which stopped payments on June 10, 2024. The insolvency administrator Axel Bierbach expects that only a fraction of the claims will be paid and that the satisfaction rate will be in the single-digit percentage range. The insolvency proceedings are expected to take a long time, which is due to the complex corporate structures.

During its heyday, FTI employed around 11,000 people and had 110 domestic and foreign companies. To date, seven of the original 54 hotels have been sold, and the sales process for two additional hotels is ongoing. These sales are expected to save approximately 3,500 jobs, although the amount of proceeds from the sales is still unclear.

Refunds and other information

For travelers who booked individual trips, reimbursement claims must be registered in the insolvency table, as these are not insured by the DRSF. No payments may be required for additional payments from hotels or providers during a package holiday, as FTI is the contractual partner.

For more information on FTI bankruptcy, affected travelers can visit the company website or contact FTI's emergency number. Receipts for payments made should definitely be kept in order to be able to enforce claims against the DRSF.

The developments surrounding FTI highlight the challenges in the travel industry, especially in times of crisis. Although the refunds offer a ray of hope for many travelers, the situation for creditors remains tense and uncertain.

For detailed information and latest updates visit Süddeutsche.de and consumer centre.de.