Volotea files for creditor protection in Spain
The Spanish carrier has started a pre-insolvency procedure in Barcelona while it negotiates a restructuring of roughly 200 million euros in financial debt.
Volotea has opened a preconcurso procedure at a court in Barcelona. The Spanish mechanism allows a company to negotiate a restructuring with its creditors before a regular insolvency process may follow.
A week earlier the airline said it was in talks over a long-term restructuring of financial debt of about 200 million euros. The goal is an agreement with creditors that would keep the company going.
Volotea also plans to shrink its fleet from 44 aircraft to between 30 and 35, and is preparing a capital increase with several investors.
No details were given on the timing of the creditor agreement or on which investors might take part.
Sources
- aerotelegraph.comVolotea beantragt Gläubigerschutz in Spanien