FTI Group, one of Europe's largest tour operators, has filed for insolvency, impacting thousands of travelers with cancelled or shortened package holidays.

The Munich-based company cited poor booking figures and the need for increased liquidity as reasons for the insolvency.

Despite positive news of a new investor consortium in April 2024, bookings fell short of expectations, and many suppliers demanded advance payments.

FTI Group is now prioritizing support for affected travelers, working to ensure ongoing trips can be completed and providing assistance through a dedicated website and hotline.

The insolvency is expected to cause significant disruption for summer holiday-goers, who may need to find alternative travel arrangements.

The German Foreign Ministry has offered support for repatriating stranded tourists.

The travel industry in Germany has faced multiple challenges recently, including Lufthansa strikes and the lingering effects of the pandemic.

European airlines are also seeking government support for transitioning to renewable energy.