Volotea Seeks Court Protection From Creditors While It Tries to Recapitalise

Volotea filed for "preconcurso" preliminary creditor protection at a Barcelona court on September 29, a status that shields the airline from creditor claims while management keeps control of negotiations. The carrier says it continues to operate normally as it works on a financial recovery roadmap with its creditors. The filing follows a difficult September in which Volotea announced a fleet reduction of roughly 25% and 50 job cuts at its headquarters. Its 2025 results show the strain: record revenue of €818 million and a positive EBIT of €47.4 million, but a net loss of €64 million, up from €46 million a year earlier and the seventh consecutive annual loss. Volotea attributes part of the pressure to the fuel crisis linked to the closure of the Straits of Hormuz, which it says cost its accounts €150 million, on top of generally higher jet fuel prices. It also carries debts rooted in pandemic-era support: €200 million owed to Spanish state-owned financial institutions and a €150 million loan from a bank consortium that is guaranteed by Spain's ICO credit institute.