The company said it had
financial deposits of 1.3 billion forints ($5.75 million) which would cover the
costs of bringing passengers home and compensating clients with booked trips.
"Best Reisen
specialised in North African countries and the Arab spring did them no
good," said Judit Molnar, vice chair of the association of Hungarian tour
operators.
According to agent's
statement on Facebook, "We booked especially big losses on travels to Egypt and Tunisia , as these two north African
destinations which accounted for most of our turnover, have been plagued by
political crisis since January 2011".
It said it could no longer
ensure the "financial conditions for continued operations".
The firm did not say how
many passengers they had in Egypt
and other destinations such as Turkey ,
and the managing director could not be reached for comment.
Molnar told Reuters that
Best Reisen currently had 350 passengers in the Red Sea resorts in Egypt .
Spokesman Gabor Kaleta
told Reuters they were monitoring the situation closely but for the time being
did not plan to change this guidance.
Earlier in the day TUI Germany said it was cancelling all holidays to Egypt until September 15 after the German
foreign ministry advised against travel to Red Sea
resorts