German tour operator FTI has announced that it is filing for insolvency protection from creditors, effective Monday. The company, which is Europe’s third-largest tour operator, will cancel or scale back trips that have not yet started.

FTI Group, the parent company of FTI Touristik GmbH, has filed an application for the opening of insolvency proceedings at a Munich court. The decision follows a decline in booking figures since the announcement of a consortium of investors in April, despite the positive news. Additionally, numerous suppliers have insisted on advance payment, leading to an increased need for liquidity that could not be met until the closing of the investor process.

The company is working to ensure that trips already underway can be completed as planned, but trips that have not yet begun will likely be cancelled or only partially possible from Tuesday. A support website and hotline have been set up for customers affected by the insolvency.

FTI Group, based in Munich, employs over 11,000 people and offers a range of travel services, including package holidays, car rentals, and hotel bookings.