116 employees

Tyrolean travel company with 116 employees goes bankrupt

Dark clouds loomed over the Stans-based travel company.

(Bild: Johanna Birbaumer/Krone KREATIV)

Bad news from the economy after the Christmas vacations. The Tyrolean travel company Travel Europe is insolvent, 116 employees are affected. This was reported by Creditreform on Tuesday morning. The aim is to continue the business.

Travel Europe Reiseveranstaltungs GmbH, based in Stans (Schwaz district), has filed its own application for the opening of restructuring proceedings without self-administration at the Innsbruck Regional Court, reports Karl Quendler from the Austrian Creditreform Association.

Liabilities amount to over 20 million euros
Around 1900 creditors and 116 employees are affected by the insolvency. The book value of the liabilities at the opening of insolvency proceedings amounted to around 25.9 million euros and the liquidity value to around 23 million euros. 116 employees were affected. The assets in the event of liquidation were estimated at around EUR 3 million.

The debtor intends to continue the company as part of the restructuring process.

Gläubigerschutzverband Creditreform

Travel Europe Reiseveranstaltungs GmbH was founded in 1989. According to Creditreform, the company's area of activity is the organization of group tours. "These tours are mainly cultural tours in Europe, which are offered as guided group tours. 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," said Creditforum in a press release.

The debtor intends to continue the company as part of the restructuring process. Apparently, talks are already underway with a "strong partner from the travel industry".

"Multiple crises" reason for bankruptcy
The reason given for the insolvency 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, an analysis of the results for the current financial year at the end of fall 2024 showed that an application for restructuring proceedings was unavoidable," reports Creditreform, the association for the protection of creditors.