German tour operator FTI has announced that it is filing for insolvency protection from creditors, effective Monday. The company, which is Europe’s third-largest tour operator, will cancel or scale back trips that have not yet started. FTI Group, the parent company of FTI Touristik GmbH, has filed an application for the opening of insolvency proceedings at a Munich court. The decision follows a decline in booking figures since the announcement of a consortium of investors in April, despite the positive news. Additionally, numerous suppliers have insisted on advance payment, leading to an increased need for liquidity that could not be met until the closing of the investor process. The com
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