On Friday, the Berlin-based tour operator JT Touristik has applied for insolvency proceedings. JT Touristik will continue its business operations in self-government and under the supervision of an expert during the restoration process.
JT Touristik GmbH has launched a special procedure on Friday that Berlin tour operator can continue the business in self-government and under the supervision of an expert. The company will now have the necessary room to carry on the ongoing negotiations with larger international investors and to prepare a continuation regulation.
Travelers who have booked through JT Touristik Reisen until 31 October 2017 or are currently traveling with package tours of the organizer will not be harmed. All trips are 100% covered by the insurance agency of Generali Versicherung AG.
The withdrawal of Generali Versicherungs AG from the business model of customer money insurance and the resulting termination of its policyholders as of October 31, 2017 is the trigger for the so-called insolvency proceedings under self-administration, which JT Touristik GmbH applied for on 29 September 2017.
Despite intensive efforts, JT Touristik GmbH had not succeeded in completing connection insurance until 29 September 2017. As a result of the insolvency of the Leipzig Onlinereisen office Unister, numerous insurers had withdrawn from this market or secured security services with a volume that JT Touristik GmbH could not provide to the required extent.
Without the insurance for organizers of package travel, no guarantee can be given to the customer; accordingly, the organizer can not accept payments from customers. All trips until 31 October were 100% covered by Generali Versicherung. The travelers would either get their money back or the insurance would ensure that the trips were carried out.
JT Touristik had submitted to the Generali appropriate proposals for the execution of all travels, the decision between cancellations and implementation would take the insurance in the coming days. JT Touristik has no influence on this process, according to the company’s press release.
According to current estimates, it should be assumed that trips were carried out from 1 November. For further information, travelers should follow the news. According to the organizer, the insurance company will also decide how to organize the cases of clients who are on holiday with JT Touristik.
The regulatory body for Generali Versicherung and the contact person for possible customer queries is the European Travel Insurance (telephone number 0 89/41 66 15 80).
"We are confident that we will be able to successfully complete the restructuring process within the next three months and that we have laid the foundation to continue delivering high-quality customer service in the future," commented a company spokesman.