Sawiris’ largest company in Europe files for bankruptcy ...Egypt

EGYPT INDEPENDENT - Economy
Sawiris’ largest company in Europe files for bankruptcy
source : EGYPT INDEPENDENT ( Egypt ) () 149
FTI Group, the third-largest tour operator in Europe, has filed for bankruptcy with the Munich District Court. The company, majority-owned by Egyptian businessman Samih Sawiris with a 75.1 percent stake, was overwhelmed by debt and supplier demands, according to a statement released by the company and reported by Reuters. FTI has opened a hotline and website for customers and will have to either cancel or partially complete all trips starting June 4, potentially affecting thousands of vacationers at the start of the busy summer travel season. The German Foreign Ministry has assured that the tourism industry and a travel insurance fund will handle the repatriation and support of affected tour

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