Germany’s Greece – Cyprus Travel Specialist Attika Reisen Files Bankruptcy

Photo source: Attika Reisen

After nearly 50 years, one of Germany’s leading travel specialists for Greece and Cyprus, Attika Reisen, filed bankruptcy this week months after it announced the expansion of its product portfolio and the addition of yacht charters to the Cyclades islands.

The German tour operator’s portfolio includes over 1,000 hotels as well as holiday apartments and villas. Its summer 2024 program, open for bookings with the company offering discounts of up to 25%, is now closed.

A provisional insolvency administrator from the Jaffe law firm is now looking into the causes of the company’s failure and actions that may help save it. Among others, it plans to seek a new investor for the tour operator.

According to media reports, Attika Reisen’s decline followed the recent death of its managing director Michael Karavas.

Meanwhile, the German Travel Security Fund (Deutscher Reisesicherungsfonds) said it was in contact with the company and the administrator concerning the impact of the insolvency on customers who have already booked with Attika Reisen. Among others, the fund said it will refund payments and if appropriate organize return travel from their holiday destinations.

Under Germany’s insolvency law, Attika Reisen’s staff wages are guaranteed for the next three months.

Attika Reisen is the third insolvency after Israel specialists Tour mit Schanz, Northern/Eastern Europe specialists Schnieder Reisen and Arcona Hotels & Resorts whose hotels in Germany remain open and those in Austria and Spain affected by the insolvency.