German tour operator FTI is filing for insolvency and canceling future trips

BERLIN (AP) — German tour operator FTI says it is filing for insolvency protection from creditors, and trips that haven’t yet started will be canceled or scaled back. FTI Group, which describes itself as Europe’s third-biggest tour operator, said parent company FTI Touristik GmbH, was filing for insolvency at a Munich court on Monday. It said that, since an announcement in April that a consortium of investors would come on board, “booking figures have fallen well short of expectations” and many suppliers have insisted on advance payment. The operator said it is working to ensure that trips already started can be completed as planned, but “trips that have not yet begun will probably no longer be possible or only partially possible from Tuesday.”