Munich, 24 June 2024 – The insolvency application of the parent company FTI Touristik GmbH has led to subsequent insolvencies within the FTI GROUP: the two wholly-owned subsidiaries Meeting Point Hotelmanagement Holding GmbH and Meeting Point International GmbH have filed for insolvency at Munich Local Court. The insolvency court granted the applications and ordered provisional insolvency proceedings for both companies on Monday, 24 June 2024. The restructuring expert and lawyer Oliver Schartl from the law firm Müller-Heydenreich Bierbach & Kollegen (Munich) was appointed as the provisional insolvency administrator for both companies.
Meeting Point Hotelmanagement Holding GmbH, based in Munich and with five employees, is the holding company for all hotel activities of the FTI GROUP. The portfolio comprises the five brands Labranda Hotels & Resorts, Design Plus Hotels, Kairaba Hotels & Resorts, Lemon & Soul Hotels and MP Hotels. This includes around 50 hotels with around 7,000 employees in eight countries.
The insolvency of Hotelmanagement Holding has no direct impact on the ongoing business of the hotels. The individual hotel companies in Italy, Croatia, Morocco, Egypt, the Canary Islands, Malta and Turkey have a positive operating cash flow, meaning that they are currently able to continue their ongoing business operations with all employees without any restrictions and their guests' accommodation is guaranteed for the coming summer months. The exception is the hotel company in Greece, which has already had to file for insolvency. However, the hotel companies in the other seven countries have high liabilities and need to restructure the liabilities side of their balance sheets.
In order to secure the long-term future of the hotel companies, the provisional insolvency administrator Oliver Schartl is liaising closely with all local managers in the individual countries. He has already initiated a structured sales process, which is to be completed quickly. "We will do everything in our power to secure the existing values of the hotel companies and preserve as many local jobs as possible," says Schartl.
Meeting Point International GmbH, which is also insolvent and has three employees, is an intermediate holding company for destination management companies (DMCs), which offer local tourism services such as excursions and transfers for the professional travel industry in the destination countries. The company has around 49 agencies in 17 countries worldwide.
About Müller-Heydenreich Bierbach & Kollegen
The law firm Müller-Heydenreich Bierbach & Kollegen (www.mhbk.de) is a partnership of lawyers with offices throughout Bavaria that has specialised in restructuring and insolvency administration for many years. A total of six administrators handle insolvency proceedings at numerous local courts in Bavaria and Thuringia. The firm's particular strengths include insolvency plan proceedings, self-administration and group insolvencies in addition to restructuring by transfer.
Lawyer and insolvency administrator Oliver Schartl specialises in business continuations and restructurings in a wide range of industries. He has been appointed by several courts in Bavaria and has overseen over 1,200 insolvency proceedings to date, including more than 800 corporate insolvency proceedings of all sizes. Schartl is also a member of the German Association of Insolvency Administrators and Administrators (www.vid.de) and the German Association for Restructuring - TMA Deutschland e.V. Schartl is recommended as a top lawyer in the current industry rankings of JUVE, The Legal 500 and Best Lawyers. Further information at www.mhbk.de.
About FTI GROUP
With its numerous brands and subsidiaries, the FTI GROUP is the third largest tour operator in Europe. It includes FTI Touristik as well as the short-term tour operator 5vorFlug, the car hire broker Drive FTI, the incoming agency Meeting Point International and the tour operator for promotional goods BigXtra Touristik. The company bundles its hotel brands under MP Hotels. The consolidator FTI Ticketshop is responsible for the sale of scheduled flight tickets. TVG Touristik Vertriebsgesellschaft mbH combines the franchise systems with the brands sonnenklar.TV Reisebüro, 5vorFlug Reisebüro and Flugbörse. The TV travel shopping channel sonnenklar.TV and the online B2B provider for accommodation, Youtravel, are also important sales channels. Headquartered in Munich, the Group is also active with its own tour operators and brands in Austria, Switzerland, France and the Benelux countries. In total, the company employs over 11,000 people worldwide and generated consolidated revenue of around 4.1 billion euros in the 2022/23 financial year. Further information atwww.fti-group.com.
Contact for the media:
For the provisional insolvency administrator
Kanzlei Müller-Heydenreich Bierbach & Kollegen
Nicole Huss
E-Mail: presse@mhbk.de
For FTI Touristik GmbH
Angela Winter
E-Mail: presse@fti.de