Volotea to shrink fleet and cut jobs while renegotiating SEPI loan

Volotea is preparing cost-cutting measures that include shrinking its fleet from 44 aircraft to between 30 and 35, according to Spanish media reports. The Barcelona-based carrier has not said which bases would be affected. About 50 positions at its Barcelona headquarters are also being cut.

The airline is meanwhile in talks with creditors to restructure its existing loan repayment schedules. Central to those discussions is a €200 million loan agreed in 2022 with SEPI, Spain's state-owned industrial holding company, to soften the effect of the COVID-19 pandemic on the country's tourism sector. Volotea wants to reschedule that repayment, in principle due in 2029.

The carrier is also looking to raise fresh capital to shore up its long-term financial position. Management, led by founder Carlos Muñoz and his investment vehicle Alaeo, has confirmed it intends to take part in further fundraising.

Industry speculation has followed the reports: that Aegean Airlines, which joined a previous funding round through a convertible loan giving it control of up to 21% of Volotea, could bid for full control of the Spanish airline. The Greek carrier has denied the suggestion.

Volotea has attributed its difficulties to higher fuel prices stemming from conflict in the Middle East. Earlier in 2026 the airline applied a retroactive fuel surcharge on some flights.