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International Tour Provider Files for Bankruptcy ProtectionFebruary 4, 2009 By: Mackenzie Allison
According to a recent report from Crain’s New York Business, Fil Franck Tours Inc., a Manhattan-based tour operator that focuses on Europe, filed for Chapter 11 bankruptcy protection on Tuesday, citing liabilities between $500,000 and $1 million and assets of $100,000 to $500,000. Creditors holding some of the largest claims include American Express Co., Bank of America Corp. and J.P. Morgan Chase & Co.
Italian tour operator Anxur Tours was also cited, with a claim of $20,000. Travelers opting for staycations, instead of traveling abroad because of the economy, were cited as a main reason for the company’s troubles.