Volotea aplaza pagos y busca 25 millones para garantizar su continuidad

Aviation carrier Volotea is delaying payments and seeking 25 million euros to secure its survival. In its 2025 accounts, auditors EY have once again highlighted the significant uncertainty surrounding the operating company and the board details that they are implementing measures to alleviate these concerns, such as restructuring the company and seeking new credits.

Volotea has been grappling with substantial financial challenges since the pandemic, receiving a 140 million euro credit guaranteed by the ICO and a Sepi rescue of 200 million. In 2025, the airline reported 817.9 million in revenue (+1%) and a loss of 64.3 million (147%). Its operating result was 47.3 million (+41%). EY explains that the net worth at the close of 2025 was negative at 77.5 million, placing the company in bankruptcy proceedings.

However, Volotea's board points out that this assessment could be avoided after extending the corporate moratorium from the 2024 closure to 2025 (one of the Government's responses to the crisis in the Near East). The board is implementing a plan of various actions to bolster its short-term liquidity, including a 156.2 million non-negotiable aircraft lease contract.

On the capital expansion front, the airline completed a 15 million capital increase, already disbursed, in July. In March, Volotea announced that it had completed its capital reinforcement plan for a total of 71 million (over the initially planned 100 million). Aegean, Greece's largest airline and Volotea's partner since 2021, has also reinforced its capital, with PAR Capital and Alaeo, a firm consisting of the airline's executive team, among its shareholders.

Volotea has reduced its fleet from 44 to 41 aircraft this summer to cope with the Iran crisis and rising oil prices. The expansion, along with a conversion of participatory loans worth 56 million, has allowed Volotea to restructure itself. The operation has a controllable effect that the board considers sufficient to restore net worth for legal dissolution reasons.

Additionally, Volotea acknowledges that it is in the early stages of talks to obtain an additional 25 million in financing, a mix of loans and credit lines. Volotea has agreed with its creditors to delay interest and principal payments of 49.3 million, specifically with Sepi and ICO, deferring interest by 14.6 million from July 2026 to July 2028 and two capital maturities, each worth 16.8 million, from April to October 2026, both cases.

Another measure involves renegotiating payment schedules with suppliers and creditors to increase operational maneuverability. In its accounts, Volotea, which yesterday refused to comment, admits that these measures may not be executed or may not be sufficient, in which case it would require additional debt or refinancing. The firm expected a 30 million operating profit and a net loss of 33 million for 2026, and affected by the Iran oil price increase, has reduced its fleet from 44 to 41 planes this summer.