The Certares-led consortium of investors that announced the purchase of the German FTI will also take over the financial obligations of the FTI Group. FTI announced this in a press release. As a result, the travel organization will mainly lose the expensive government loans (WSF) that were provided during the corona crisis. The consortium, led by the American investor Certares, announced on 16 April that it wanted to acquire all shares of the FTI Group for one euro. Now, according to FTI, the consortium has signed an agreement to take over FTI’s financial obligations. This is done “according to a usual market procedure,” the company says in a press release. The liabilities relate to loans and other financial support. During the corona crisis, the FTI Group received two subordinated loans and a silent participation from the Federal Economic Stabilisation Fund (WSF), with a total size of 595 million euros. In addition, Unicredit, the main bank, had provided a loan of 280 million euros, guaranteed by the federal government and the state of Bavaria. The debt transaction that has now been agreed is related to the reorientation of FTI by Certares. “With the 125 million euros of equity invested by the consortium at the same time, FTI’s financial strength and capital base will be significantly strengthened. This gives the company sufficient capital for its ongoing business operations and to carry out its next phase of growth and the digital transformation,” says the Munich-based travel company. According to FTI, Certares is now taking over the obligations of the Federal Government’s Economic Stabilization Fund (WSF). The government’s credit institution may grant a discount to the investor to ensure that at least a large portion of the borrowed money is repaid. Pictured: Karl Markgraf, CEO of FTI Group since 1 July last year. (Photo FTI).
