Restructuring events
European Restructuring Monitor (ERM)
The restructuring events database contains factsheets with data on large-scale restructuring events reported in the principal national media and company websites in each EU Member State. This database was created in 2002.
The FTI Touristik GmbH, the parent company of the FTI GROUP, filed for the opening of insolvency proceedings on 3rd June 2024. The FTI GROUP is the third largest tour operator in Europe.In the coming days, other group companies will also file for insolvency. According to the company, after a lengthy and complex investor process with the entry of a consortium of investors in April 2024, an increased need for liquidity, which could no longer be bridged until the closing of the investor process, caused the filing for insolvency. This has become necessary for legal reasons.
This development also affects the group's subsidiaries operating in Greece. According to information, 250 workers in the travel agency “Meeting Point Hellas”, the majority of them in Heraklion of Crete, will lose their jobs.
The OIYE (Greek Federation of Private Employees) in the press release on June 11 2024, announced that together with the Chaldean workers' union PASENT, it will support and assist in all legal and non-legal actions needed by the employees of the "Meeting Point Hellas" travel agency for the payment of their earnings and the vesting of their other rights. They requested the assistance of Uni-Europa in order to create coordinated actions to cover FTI workers in tourist offices and beyond.
It is noted that, in Greece, according to the current bankruptcy law the payment of employees' wages follows the Company's obligation to pay off debts to banks and other Funds (insurance, tax authorities)
Eurofound (2024), FTI, Bankruptcy in Greece, factsheet number 201272, European Restructuring Monitor. Dublin, https://dev.eurofound.europa.eu/restructuring-events/detail/201272.
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