Mareea travel agency has announced that as of September 3, it is in insolvency and unable to fulfill its assumed commitments. Hundreds of tourists have benefited from alternative options, and tour operators, many of them members of the Romanian Tourism Employers’ Federation (FPTR), are trying to find solutions for clients who have paid for vacations in September.
“Several tourists will be rerouted to the Mercur-Minerva Complex, owned by Mareea Hotels, other hotels on the coast, or in the Danube Delta. At the same time, in some cases, vacations purchased from Mareea could be carried out in the respective destinations, also thanks to the support offered by colleagues in the industry,” according to a press release from ANAT.
ANAT member tour operators, Mareea representatives, and hoteliers, many of them members of the Romanian Tourism Employers’ Federation, have identified several alternative stay options for tourists whose already paid vacations for September the travel agency can no longer honor.
If tourists do not accept the compensatory solutions offered by tour operators and hoteliers, they can contact the company that issued the insolvency policy for the agency, worth USD 50,000.
Marius Usturoiu, the owner of Mareea, stated that he decided to request the company’s insolvency due to cash-flow problems generated by poor results in the charter component, as well as a 50-60% decrease in vacation sales for Turkey, and promised that no tourist with a reservation made through Mareea will be left with their money spent and vacation unfulfilled.
According to Usturoiu, the goal is to reorganize the company and unblock cash flow to continue operations. He specified that he is in discussions with several banks to obtain loans, as well as with potential investors to provide a capital injection into Mareea in exchange for taking a stake or performing a merger.
The tour operator Mareea has set up a crisis cell to respond to tourists and partners affected by the opening of the insolvency and reorganization procedure and to manage as many of the reservations with check-in on September 3 and September 4 as possible.
Mareea is, after Genius Travel, the second travel agency to announce its insolvency in just one month and in the middle of the holiday season.
In 2015, the Mareea travel agency recorded a turnover of over 66 million RON.
Source: Daily Business
Frequently Asked Questions
What should Mareea clients do if their vacation is affected?
Clients can accept alternative stays offered by partner tour operators or claim compensation from the agency’s $50,000 insolvency insurance policy.
Why did Mareea travel agency enter insolvency?
The owner cited cash-flow issues caused by weak charter performance and a significant drop in sales for destinations like Turkey.
Is the agency closing down permanently?
The company aims for reorganization and is seeking bank loans or new investors to continue its activity and fulfill its obligations.