the hotel holding company files for bankruptcy

the hotel holding company files for bankruptcy
the hotel holding company files for bankruptcy

In a press release FTI Group announces that the bankruptcy filing of FTI Touristik GmbH leads to consecutive insolvencies within the Group.

The bankruptcy court opened two provisional insolvency proceedings for the two wholly-owned subsidiaries Meeting Point Hotelmanagement Holding GmbH and Meeting Point International GmbH on Monday, June 24, 2024, following their requests.

Reorganization expert and lawyer Oliver Schartl of Müller-Heydenreich Bierbach & Kollegen (Munich) has been appointed provisional receiver for both companies.

Meeting Point Hotelmanagement Holding GmbH, headquartered in Munich, employs five people. This is a holding company which brings together all the hotel activities of FTI GROUP: Labranda Hotels & Resorts, Design Plus Hotels, Kairaba Hotels & Resorts, Lemon & Soul Hotels et MP Hotels. This includes around fifty hotels with around 7,000 employees in eight countries.

FTI Group adds that “The insolvency of Hotelmanagement Holding has no direct consequences on the current activities of the hotels. The various hotel companies in Italy, Croatia, Morocco, Egypt, the Canary Islands, Malta and Turkey have cash -positive operational flow, so that they can currently continue their current activities without restriction with all their employees and that the accommodation of their customers is assured for the coming summer months.

The exception is the hotel company in Greece, which has already had to file for bankruptcy. Hotel companies in the other seven countries, however, have significant debts and need to restructure the liabilities on their balance sheets.”

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