The future of the Meeting Point business in the south of Gran Canaria, owned by the bankrupt German tour operator FTI Touristik, is currently in the hands of the technicians of the Fund for Support to the Solvency of Strategic Companies (FASSE) attached to the Ministry of Finance and Public Function and managed by a Management Council through SEPI (State Society of Industrial Participations). Meeting Point's business in Spain was divided when Covid19 arose into the hotel division, which in October 2019 when it requested the loan operated 26 hotels under a lease with an offer of 4.000 rooms in four destinations in the Canary Islands, and the tour operator division, which is responsible for organizing trips and retail sales.
The hotel chain no longer has the assets it had in 2020 and the tour operator is bankrupt with a debt of 800 million euros in Germany. In Maspalomas, the tourism sector hopes that, if it obtains financing, SEPI officials will be clear that it is "to save the Canary Islands' accounts and not to clean up the German balance sheet." The group asked the State for money because it generated significant employment in the Canary Islands, either directly, with 1.680 employees, or indirectly, with more than 555 employees. In addition, it had more than 1.000 suppliers, including large national companies and local suppliers.
In 2022, the Council of Ministers also approved the granting of 31 million euros of aid to the Meeting Point España Group, gave a participating loan for an amount of 20,7 million euros and another ordinary loan of 10,3 million. But the company is dependent on the German parent company, which is in bankruptcy and, therefore, Meeting Point is working with FTI Consulting, managers of Naviera Armas, seeking a loan with Santander, CaixaBank and BBVA, among others, to save the Canary Islands subsidiary from going bankrupt.
The German insolvency administrator has informed SEPI that "the hotel division in Spain is not affected by the German insolvency proceedings of MP Hotelmanagement. We support the Spanish hotel business in finding a viable structure for the future. The current business is stable and we expect a positive winter season. The local team is performing well and is professionally supported." Sources familiar with the operation told Maspalomas24H that the German Travel Insurance Fund (DRSF) has more money than the legally required coverage and that Germany can draw on that fund to balance the books without having to rely on the Spanish government as a guarantor for refinancing. The LMX Suntrips brand has acquired the entire East African offering of the FTI Group. This includes destinations in Tanzania, including Zanzibar and Kenya.
