Insolvency shock: Tour operator Travel Europe is fighting for rescue!

Insolvency shock: Tour operator Travel Europe is fighting for rescue!

Stans, Österreich - In a dramatic turn, Travel Europe Tuinsanstaltungs GmbH, a travel company based in Stans, Tyrol, which has existed since 1989, applied for bankruptcy. The company specializes in guided group trips, especially cultural tours through Europe, and looks after an international clientele from France, Spain and the United Kingdom. Affected trips led to Croatia, Portugal and Austria. According to orf tirol , around 1,900 customers are affected, which underlines the scope of corporate failure.

causes of bankruptcy

The causes of this bankruptcy are complex and are closely related to the latest crises. As the Creditreform said, the economic effects of Covid-19, the Ukraine War and the general inflation are crucial for the company's Situation. Despite numerous countermeasures and positive business developments in recent years, an analysis of the results found at the end of autumn 2024 that a renovation process was inevitable. The debts of the Travel Europe amount to around 23 million euros, while the assets are only around 3 million euros, such as Kurier reported.

As part of the renovation process, the company plans to continue operating and has already initiated discussions about possible financial support from partners from the travel industry. A renovation plan that includes the repayment of only 20% of the debts is to be secured by contributions from tourism partners and investors. Karl Quendler from Creditreform emphasized the importance of Travel Europe as a reliable partner in the organization of group trips and as an important employer in the region.