Aegean Airlines is set to become Volotea’s controlling shareholder under a financial restructuring that would convert about €56 million of debt into equity and add a €15 million capital increase. The Spanish low-cost carrier would continue operating as the balance sheet is repaired, while Aegean emerges with the leading role in the new ownership structure.
The plan follows several years of financial strain at Volotea and is aimed at reducing negative equity and easing a debt burden that exceeds €800 million. Aegean entered Volotea’s capital in 2024 and later increased its holding after a capital increase earlier this year, with one report placing its stake above 20% before the latest move.
The restructuring would also involve other investors, including PAR Capital and the management vehicle Alaeo, alongside Volotea’s founders and existing equity holders. Volotea has not confirmed or denied the reports. The case adds to broader consolidation and balance-sheet repair pressure across Europe’s leisure and low-cost airline sector.