Agents could face bill for bankruptcy

Article Abstract:

Travel agents may have to pay compensation to holiday makers who were stranded when three tour operators went out of business. The operators were based in the United Kingdom (UK), Scandinavia and Germany and the problem was the result of financial problems with a Turkish travel company that they were involved with. Any claims which are not covered by industry guarantees will have to be met by the travel agent which sold the holiday and any which do not have adequate insurance may go out of business. Sun Tours in the UK has insurance cover worth 4.9 million pounds sterling.

Insurance, Insurance Carriers and Related Activities, INSURANCE CARRIERS, Management, Travel industry, SunTours

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'Embrace change and use the opportunities.' (Gerd Hesselmann, president of German travel agents' association DRV)(Interview)

Article Abstract:

German travel agents are generally willing to accept change and to use the opportunities which change creates, according to German travel agents' association DRV president Gerd Hesselmann. Germany currently has too many travel agencies, at 18,000, and the market is saturated. There is likely to be a process of concentration, with the number of travel agencies falling to 15,000 by the end of the 1990s. Large travel agency chains have purchasing power, but smaller operators are more flexible and can react quickly to change.

Germany, Interview, Hesselmann, Gerd

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TUI;s takeover bid collapses

Article Abstract:

The takeover of ITS by TUI of Germany, a tour operator, has collapsed following the $250 million bid. ITS is now negotiating with other operators which may lead to the break up of the company. TUI is still interested in purchasing the stakes held by ITS in Holland International of the Netherlands and Sun International of Belgium.

Detective & armored car services, Mergers, acquisitions and divestments, Touristik Union International GmbH und Company KG, Tour operators, ITS

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