FTI insolvency: Creditors wait years for repayments!

FTI insolvency: Creditors wait years for repayments!

The liquidation of the insolvent travel group FTI Group is progressing, but the process will still take years. Insolvency administrator Axel Bierbach takes stock of the situation one year after filing for insolvency. He reports on extensive sales that affect countless parts of the company and hotel businesses. Around 3,500 jobs abroad were secured through these measures. The creditors' claims add up to an amount of around 980 million euros.

The former third-largest European travel group has tried to make processing efficient Travel before 9 reported. The brands sold include FTI itself, Flugbörse, drive.de, as well as the IT service provider Anixe in Poland and the luxury tour operator Windrose. In addition, shares in TVG Touristik Vertriebsgesellschaft and RT/Raiffeisen Touristik Group were transferred. Several hundred jobs were thus saved.

Progress in the hotel sector

In the hotel sector, many of the original 54 FTI properties have already been sold or handed over. Sales span multiple countries including Italy, Turkey, Greece, Croatia, Malta and Morocco. A solution is currently expected for two FTI-owned hotels in Egypt, while advanced discussions are underway in Spain and Turkey regarding leased properties that employ more than 2,000 people.

The hotel companies continue to operate stably and the employees remain in their positions. The vacant Stella Canaris complex on Fuerteventura is not expected to be sold until 2026 or later. Despite the challenges of insolvency, around 800 former employees have already been able to find new jobs. There are currently around 40 people working on the processing at the Munich headquarters.

Creditor claims and repayment rates

The creditors of the FTI Group, over 73,000 in total, have registered claims totaling almost 980 million euros. The examination of these claims will take several years. A low repayment rate is to be expected, as n-tv reported. Creditors can register their claims without a late registration fee until the end of 2025, with 565 creditors having already submitted claims for 564 million euros by post and a further 69,000 electronically for a good 276 million euros.

The German Travel Insurance Fund (DRSF) plays an important role for package travelers who were traveling during the bankruptcy. Of the approximately 60,000 travelers, most were able to end their vacation as normal. So far, DRSF has written to 180,000 eligible people, received 125,000 applications and paid out around 50 million euros. However, there are difficulties in some individual cases, particularly when it comes to missing data in agency collection bookings.

Overall, the FTI Group's situation shows how complex and lengthy the process of winding up a large company in insolvency proceedings can be. The full realization of the assets and the final examination of the claims will take many years, although the final payment to the creditors can only take place after the end of the proceedings.