The recent bankruptcy filing of FTI Touristik GmbH, the parent company, has triggered further insolvencies within the FTI Group.
Two of its wholly-owned subsidiaries, Meeting Point Hotelmanagement Holding GmbH and Meeting Point International GmbH, have filed for bankruptcy at the Munich Local Court. The court accepted the filings and initiated temporary insolvency proceedings for both companies on Monday, June 24, 2024. Attorney and restructuring specialist Oliver Schartl from the law firm Müller-Heydenreich Bierbach & Kollegen (Munich) has been appointed as the temporary insolvency administrator for both companies.
MP Hotels continues its operations as normal
In response to these developments, MP Hotels Chairman Barış Atasoy was the first to comment. Atasoy assured that the operational activities of their 11 hotels in Turkey continue smoothly, with positive business and cash flow. He emphasized that the insolvency application of the Germany-based MP Hotel Management would not affect the ongoing operations of their local hotels.
Okay Yıldırım: Meeting Point Türkiye unaffected by new bankruptcies
Further clarification came from Meeting Point Türkiye. In an interview with Turizm Güncel, Meeting Point Türkiye Chairman Okay Yıldırım stated that Meeting Point Türkiye, structured as a separate entity, remains unaffected by the new bankruptcies.
"Our priority is to resume operations"
Yıldırım explained that the top priority for Meeting Point Türkiye’s senior management is to settle all accounts and prepare the company to resume operations. "Following the parent company’s bankruptcy filing, our operations were halted, but all our employees remain at their posts. Although we are not actively operating, we are managing reservation-related matters. We have made significant prepayments to the market, and we are now collecting these receivables," he said.
"Close cooperation with German insolvency aaministration"
Reiterating their primary goal to resolve all financial issues and ensure smooth operations, Yıldırım stated, "Our ongoing efforts focus on clearing our debt and receivable situation. We are currently in the process of collecting our receivables. While we conduct all processes in accordance with Turkish legal regulations, we are also working closely with the German insolvency administration. Meeting Point Germany’s bankruptcy does not mean we will follow suit. We will not declare bankruptcy."
This detailed response aims to reassure stakeholders and the public that Meeting Point Türkiye is managing the situation effectively and is on the path to stabilizing its operations despite the parent company’s financial difficulties.
