Youtravel.com is cancelling all bookings for the next seven days following the announcement by its owner FTI Touristik GmbH that the tour operator FTI Touristik, part of the FTI GROUP, has filed for insolvency.

The insolvency announcement was made just six weeks after FTI GROUP revealed a €125 million injection from investment group Certares.

FTI GROUP said on Monday that other companies in the FTI Touristik group could also file for insolvency, but Youtravel said it planning ‘a future course of action without support of FTI Touristik GmbH’.

In an update to trade partners, Youtravel said: “On the 3rd of June 2024, FTI Touristik GmbH, the parent company of the FTI GROUP and one of Europe’s largest tour operators, has filed an application for insolvency proceedings.

“It is important to note that currently, only the tour operator brand FTI Touristik is directly affected by this situation.

“As for youtravel.com, we are a separate entity and are actively working on determining the future course of action without support of FTI Touristik GmbH.

“We acknowledge that currently, this does not offer sufficient clarity to our esteemed partners.

“This is an incredibly challenging time for our colleagues at FTI, and we are committed to working diligently in the days ahead to support all our partners.

“By way of an update, due to the difficult situations in our DMCs, we have taken the decision to cancel the next seven days of arrivals from 4 June.”

The statement ended: “Further updates to be communicated shortly. Thank you for your understanding and continued support.”