The German Embassy in Cairo announced on Wednesday, 5 June, that the German Tourism Group FT had filed for bankruptcy. This impacts approximately 60,000 German tourists worldwide, including many families vacationing in Egypt, especially in the Red Sea and Sinai regions. Egyptian businessman and engineer Samih Sawiris holds the largest shareholder stake in FTI. The statement by the German Embassy added that German regulations require tour operators like FTI to have bankruptcy insurance. This means the German Travel Insurance Fund (DRSF) will reimburse tourists for all booked hotel and transportation costs included in their package holidays. The DRSF is already working with Masters Travel Service in Egypt to ensure ongoing trips proceed smoothly. They are also providing hotels and transportation companies with confirmed payment guarantees. FTI’s primary concern is ensuring ongoing trips are completed as planned. However, trips that have not commenced or are partially completed will likely be cancelled, impacting tens of thousands of travelers. A recent drop in ticket sales below expectations led to the German government denying further financial assistance, particularly after the strain of the COVID-19 pandemic….
The post German Tour Group FTI Files for Bankruptcy, Disrupting Tours to Egypt first appeared on Egyptian Streets.
Source: egyptianstreets
