Volotea seeks preliminary creditor protection to restructure finances

Volotea has filed for preliminary creditor protection at a Barcelona court, Spanish media reported on September 29, 2026. The step, called a preconcurso in Spanish law, falls short of a full creditor protection request. It shields the airline from creditor claims while management keeps control of negotiations, rather than a court-appointed administrator.

The carrier is working with creditors on a plan to restore its financial health, according to reports, and says it continues to operate as normal. Earlier in September 2026, it announced it would shrink, cutting its fleet by roughly a quarter and eliminating 50 head office positions.

In 2025 Volotea posted record revenue of €818 million and a positive EBIT of €47.4 million, but the results missed its own earlier guidance. Its net loss widened from €46 million to €64 million, the seventh straight annual loss for the Barcelona-based airline.

Volotea flies between secondary European cities rather than through major hubs. It blames its difficulties on the fuel crisis set off by the closure of the Strait of Hormuz, saying higher jet fuel prices cost it €150 million.

The airline also faces repayment of €200 million owed to Spanish state-owned financial institutions, plus part of a €150 million bank consortium loan backed by the state credit institute ICO. Both facilities were part of emergency measures introduced during the pandemic.