Volotea has entered Spain’s pre-insolvency creditor negotiations in Barcelona as it seeks to restructure debt linked to its pandemic-era rescue financing, including the state-backed loan from SEPI. The low-cost carrier filed at Commercial Court No. 9 in Barcelona while continuing normal flights and ticket sales, with talks aimed at avoiding formal insolvency and keeping operations steady.
The preconcurso process gives Volotea protected time to negotiate with SEPI, financial creditors and lessors over a wider refinancing package. The airline is targeting completion of the discussions by December 2026 and is preparing parallel measures that include a capital increase and a fleet reduction from 44 aircraft to 30 to 35.
The restructuring pressure stems from heavy fuel-cost overruns and debt accumulated during the pandemic, with reports placing the SEPI loan at €200 million and describing it as central to the talks. The case underlines the strain on European low-cost carriers as post-pandemic state aid, higher operating costs and refinancing needs collide, even as Volotea keeps trading normally while the negotiations continue.