FTI Bankruptcy: 7,500 Tourists in Greece to Complete Holidays Unaffected

Tourists on Knossos, Crete.

The holiday packages of FTI Touristik’s customers from Germany to Greece have already been paid or prepaid, ensuring that hoteliers and other involved businesses will not face non-payment issues, according to sources from the Greek Tourism Ministry and the Greek National Tourism Organization (GNTO).

Europe’s third-largest tour operator, FTI Touristik GmbH, filed for bankruptcy on Monday.

According to the same sources, the number of FTI’s customers currently in Greece amounts to 7,500. The main volume of FTI’s customers — 70 percent — had booked holidays on Crete and Rhodes, 20 percent on Corfu and Kos, and the remaining 10 percent in other Greek destinations.

Ministry and GNTO sources assure that these travelers will be able to complete their holidays and return to Germany as normal, unaffected by FTI’s bankruptcy.

In the event that individual problems or disruptions are identified, Greece’s tourism authorities will contribute directly to their effective resolution, the same sources said.

It should be noted that the GNTO’s office in Germany is monitoring the situation, while the organization’s officials are in constant contact with the Hellenic Hoteliers Federation (known in Greece as POX) and FTI’s representative in Greece.

7,500 FTI customers in 250 Greek hotels

According to the federation’s president, Yannis Hatzis, FTI at the moment has 7,500 customers in some 250 hotels in Greece.

Speaking to the local media, Hatzis said all guaranteed contracts in Greece for 2024 have already been prepaid by FTI. He mentioned, however, that there are debts from 2023 mainly for smaller category hotels.

Packages booked from June 4 to be cancelled

According to reports, following FTI’s bankruptcy announcement, a wave of packages booked with the company are being cancelled in Greek hotels.

In a letter to hoteliers and other partners, FTI said that trips that have not yet begun will “probably no longer be possible or only partially possible” from Tuesday, June 4.

“We are currently working hard to ensure that trips that have already started can be completed as planned,” the company said.

FTI insured against insolvency through DRSF

FTI is insured against insolvency through the German Travel Security Fund (DRSF).

According to the German Travel Association (DRV) and FTI’s official announcement, this means that all payments made — whether the entire trip price has been paid or only advance payments — are protected in the event of insolvency. This applies to customers who have booked a package holiday.

The DRSF is now responsible for managing the insolvency process in close cooperation with the affected organizer, including refunding the travel price paid by affected customers and arranging any necessary repatriation of visitors.

A support website has already been set up at www.fti-group.com/en/insolvency as well as a support hotline at +49 (0) 89 / 710 45 14 98.