German tour operator FTI, Europe's third-largest, files for insolvency due to reduced bookings and supplier payment demands.

German tour operator FTI, Europe's third-largest, is filing for insolvency due to a drop in booking figures and increased demand for advance payments from suppliers. The company, which employs over 11,000 people, is canceling or scaling back trips that have not yet started, while working to complete ongoing trips. A support website and hotline have been established for affected customers.