Insolvency in the Vienna travel industry: DTA Touristik before the end!

Insolvency in the Vienna travel industry: DTA Touristik before the end!

Mariahilfer Straße, 1060 Wien, Österreich - A drastic cut in the Austrian and German travel industry: DTA Touristik GmbH from Vienna has filed for bankruptcy and initiated a renovation process without self -administration. The company is burdened with debts of 2.5 million euros, as the Alpine Voner Bankerverband (AKV) confirmed. The bankruptcy concerns 45 creditors who are expected to receive a quota of 20 percent on their demands within two years. The travel agency, which specializes in trips to Turkey, Greece and Egypt, suffers from the persistent effects of the Covid 19 pandemic, which have led to significant drops in sales. Currently only three employees are affected and the company is planning to continue operating with the support of investors, reported Kosmo.at.

other bankruptcies in the travel business

The situation is not isolated. Other companies in the industry, such as FTI Touristik GmbH and Bigxtra Touristik GmbH, are also fighting for survival. On September 1, 2024, the Munich District Court opened the bankruptcy proceedings on the assets of these groups. Restructures are headed by insolvency administrator Axel Bierbach, who was commissioned to the provisional administration in June 2024. Around 2,000 are employed directly in the Operating Tour among the 11,000 employees of the FTI Group. A third of the original workforce has already found new jobs, while around 700 employees have received terminations, as ZRI-Online reports.

The procedures are significant for the creditors, since they can now register their claims for bankruptcy table. A total of around 350,000 claims are expected, with the majority of customers who had already booked for travel to FTI. The extensive network structure of the FTI Group, which includes around 110 companies at home and abroad, presents the creditors and employees with enormous challenges. The insolvency administrator emphasizes that there is no realistic prospects for the continuation of the original business operations, which further increases the pressure on everyone involved.