The future of FTI's subsidiaries in various countries has been a major topic of discussion in the sector following FTI's bankruptcy. Recently, MP Hotels-Türkiye announced they would continue their operations, and now the group's DMC company, Meeting Point, has also confirmed their ongoing operations in Türkiye.
Meeting Point highlighted the significant misinformation, mainly from foreign media sources, following the bankruptcy filing. They stated, "Meeting Point Türkiye is an FTI subsidiary operating in Türkiye. Although FTI’s bankruptcy filing negatively impacts Meeting Point Türkiye, it does not necessitate Meeting Point Türkiye to file for bankruptcy as it is an independent subsidiary."
The announcement emphasized that Meeting Point is a clear creditor in the Turkish market, stating, "Considering it’s the beginning of the season, the current and invoiced debts, contractual obligations, future reservations, and payments made to support our partners, although seeming large, are not insurmountable for our company compared to past and expected revenues as of June 3."
Key points highlighted by Meeting Point management in their statement to Turizm Güncel are as follows:
Due to the spread of news related to our main shareholder FTI by foreign media, which led to misinformation in our country and some legal obligations, we felt the need to make necessary statements as Meeting Point Türkiye management.
Due to the panic in the market caused by these events, many partners have pursued legal action to protect their rights. What could have been a manageable situation turned into a crisis.
However, from the beginning of the crisis, we have worked and continue to work with our partners and employees in a harmonious and solution-oriented manner.
Following our meetings with the Tourism Minister, we have ensured that our current and future guests have a smooth experience, safeguarding our country’s image. Our focus from the start has been on ensuring our guests complete their holidays happily and peacefully.
Our initial goal is to quickly collect our receivables and settle our debts promptly, ensuring no hoteliers are adversely affected as we move forward. We are working closely with the Ministry of Culture and Tourism in this regard.
Our second priority is addressing the concerns of our partners who are awaiting answers and are anxious.
At this stage, there are legal process questions (trusteeship, travel insurance fund) that we cannot answer. It is not possible to respond to these just five days after the bankruptcy filing. However, we continue to inform our partners with accurate information as we receive it.
When the crisis began, there were 25,000 tourists in our country, and thousands have come and gone during the crisis. Undoubtedly, there have been grievances, but we have been working tirelessly to minimize them.
Through joint efforts with our headquarters and trustees, the chaos and confusion of the initial days are gradually resolving. We will soon discuss receivables with our partners, and as other issues clarify, we are also beginning liquidity planning.
Throughout this process, with the help of our partners, we have managed to mitigate some grievances. We can sincerely say that Meeting Point Türkiye is the least affected subsidiary within the FTI Group during this crisis. Following our discussions with the trustees, we agreed to receive the necessary support for the Türkiye destination promptly.
A decision was made today to collaborate with a few strong firms, whom we have been in talks with, to quickly overcome this crisis. We have agreed in principle to work on a plan and agreement to ensure the continuity of operations, liquidity, and the company’s survival.
Compared to all FTI Group destinations, despite ongoing difficulties, Türkiye has once again demonstrated its ability to ensure customer satisfaction.
In consideration of the future, we ask all our partners to approach this challenging situation with patience for just a few more days.
Our common goal, especially during this period, should be to showcase Turkish hospitality to the world once again.
