FTI Group, the third-largest tour operator in Europe, has filed for bankruptcy with the Munich District Court. The company, majority-owned by Egyptian businessman Samih Sawiris with a 75.1 percent stake, was overwhelmed by debt and supplier demands, according to a statement released by the company and reported by Reuters. The German Ministry of Economic Affairs has called the insolvency “tragic” but stated that it cannot provide any further assistance. The spokesperson further noted that the government had been waiting for approval to sell the receivables as the most economical way to recover funds before the company filed for bankruptcy. With the bankruptcy, the recovery of the receivables is no longer possible.

Source: Egypt Independent June 07, 2024 11:37 UTC