Banco Santander remains a creditor of financially troubled Spanish airline Volotea with exposure of approximately €30 million after removing the loan from a corporate-credit portfolio sold to Bank of America in July. The bank plans to participate actively in negotiations over Volotea’s debt restructuring, which is being conducted in Spain as the carrier seeks to avoid formal insolvency proceedings.
Santander is reportedly Volotea’s largest bank creditor, ahead of CaixaBank with about €23 million and Bankinter with approximately €12 million. Total bank debt is estimated at €113 million, with a substantial portion linked to a syndicated loan arranged in 2020 and backed by Spain’s ICO state guarantee.
Volotea’s largest overall creditor is state holding company SEPI, which provided €200 million in support. The airline entered preliminary creditor-protection proceedings before a Barcelona court on 29 September and is negotiating with banks, SEPI and other creditors on a restructuring agreement.
The restructuring also involves aircraft leasing obligations. Volotea is seeking an agreement that would allow it to continue operating while addressing its debt and liquidity pressures. The precise terms of Santander’s participation, including the loan maturity and any eventual restructuring measures, have not been disclosed.