Volotea has initiated its third COVID-era debt restructuring, opening negotiations with Spain’s state-owned holding company SEPI and lending banks to restructure a €200 million participative loan from 2022 and ICO-backed facilities. The airline appointed FTI Consulting as adviser, citing the firm’s experience with SEPI and complex restructurings, while banks are expected to select their own advisers as talks begin. This move follows two prior restructurings after pandemic support and underscores persistent liquidity strain among European low-cost operators despite a €71 million capital raise completed in March 2026 and Aegean Airlines’ growing >20% stake and board presence.