Greek-owned AirFastTickets put in default by IATA

Greek-owned online travel agency AirFastTickets was forced to suspend its air ticket booking activities on Monday by the International Air Transport Association due to debts to airlines said to amount to some 45 million euros.

“Regrettably, we have to inform you that [on Monday] morning we were forced to place the UK office in default, due to their inability to meet the deadline of their remittance obligations (sales of the month of May)... Further to the default declaration for [the] UK [agency], we have also proceeded to suspend the agent in Greece and Germany, due to the common ownership structure of these agencies,” read the letter that IATA sent to the company owned by Nikolaos Koklonis.

AirFastTickets responded that it is already locked in negotiations with IATA concerning the terms of payment of its debts, generated by a considerable increase in sales volume.