AirFastTickets, a Greek online travel agency, has been suspended by the International Air Transport Association (IATA) because of debts to airlines amounting to 45 million euros.
Nikolaos Koklonis, owner of the online travel agency received a letter from IATA which stated that the company would have to suspend its operations. “Regrettably, we have to inform you that we were forced to place the UK office in default, due to their inability to meet the deadline of their remittance obligations… 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.”
The debt was brought on by a large increase in the company’s sales. AirFastTickets has already contacted IATA in order to reach an agreement to repay its debts.
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