Spanish Cheap Airline Fights for Survival – Job and Fleet Depletion
10 Articles
10 Articles
The flights continue to run and tickets are sold. Behind the scenes, however, a European low-cost airliner must fundamentally reorganise its finances.
The low-cost airline Volotea has started insolvency proceedings in its own administration. The restructuring could also affect connections to German airports.
Aeronautics industry on a descent: The next low-cost airline is fighting for economic survival.
The airline 'low cost' Volotea has taken advantage of a preconcurso of creditors to reorder its financial structure in the long term and to try to continue operating. The State Company of Industrial Participations (SEPI) remains the airline's largest creditor, whose debt rubs the 356 million euros after the public loan of 200 million granted in 2022.
Volotea begins a process of restructuring its debt that opens a scenario of uncertainty for the future of the airline and also for its activity at the airport of Bilbao. The company has taken advantage of the preconcurso of creditors with the aim of reaching an agreement that allows to guarantee its viability.
The low cost Volotea has activated the preconcurso of creditors to gain time and protect the open negotiations with the bank and the rest of its creditors, within the process with which it seeks to reorder its financial structure. The airline aims to reach an agreement that allows to ensure its viability, after the deterioration of its accounts and the strong increase of costs have increased the pressure on its debt and its liquidity. The compan…
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