Bad news from the economy after the Christmas holidays. The Tyrolean travel organization Travel Europe is bankrupt, 116 employees are affected. Creditreform reported this on Tuesday morning. The goal is to continue the business.
“Travel Europe Reise Veranstaltungs GmbH”, based in Stans (Schwaz district), has filed its own application to open a non-self-administration restructuring procedure at the Innsbruck Regional Court, reports Karl Quendler of the Austrian association Creditreform.
The debts amount to more than 20 million euros
About 1,900 creditors and 116 employees are affected by the bankruptcy. At the time of the bankruptcy proceedings, the debts had a book value of approximately 25.9 million euros and a liquidity value of approximately 23 million euros. 116 employees were affected. The assets in the event of bankruptcy were valued at approximately 3 million euros.
“Travel Europe Reise Veranstaltungs GmbH” was founded in 1989. According to Creditforum, the company’s field of activity is the organization of group travel. “These trips are predominantly cultural trips in Europe that are offered as guided group trips. The applicant’s main source markets (customer markets) are France, Spain and the United Kingdom. The main target markets (destinations) are Croatia, Portugal and Austria,” the Creditforum said in a press release.
The debtor intends to continue the business as part of the restructuring process. Apparently discussions are already underway with a “strong partner from the travel industry”.
“Multiple crises” reason for bankruptcy
The reason given for the bankruptcy was that the ‘multiple crises’ of recent years – Covid-19, the war in Ukraine and inflation – had hit the travel industry hard. “Despite extensive countermeasures and repeated positive trends in recent years, at the end of autumn 2024, as part of an analysis of the results of the current financial year, it turned out that applying for a restructuring procedure was unavoidable,” reports the creditor protection organization Creditreform. .
Source: Krone
I’m Ben Stock, a journalist and author at Today Times Live. I specialize in economic news and have been working in the news industry for over five years. My experience spans from local journalism to international business reporting. In my career I’ve had the opportunity to interview some of the world’s leading economists and financial experts, giving me an insight into global trends that is unique among journalists.
