Volotea has initiated what is known as a pre-concursal procedure in Spain, a legal step aimed at buying time to restructure its debts, according to Hosteltur. The airline has informed the Commercial Court No. 9 in Barcelona that it has begun negotiations with its creditors. Its total debt is estimated at around 356 million euros, with 200 million euros coming from a participatory loan granted by the SEPI in 2022. The SEPI, or Sociedad Estatal de Participaciones Industriales, is a Spanish public agency responsible for managing state-owned shares in various companies. This pre-concursal process is a precautionary measure taken before a more formal collective procedure, such as a "concurso de acreedores," which is similar to France’s equivalent of a collective insolvency process. The goal is to restructure the company’s finances before reaching a point where more drastic measures might be necessary. Volotea is currently exploring options such as rescheduling debt payments, seeking new financing, and increasing its capital. At the same time, the company plans to reduce its fleet of aircraft from 44 to between 30 and 35 planes and adjust its workforce, with approximately 50 positions affected in certain departments of its Barcelona offices. According to Hosteltur, Volotea has assured that it will continue its operational activities and aims to reach an agreement with its creditors by December. The airline attributes the worsening of its financial situation to rising fuel costs and the volatility of energy prices, which it estimates have cost it around 150 million euros since March. The company has emphasized its commitment to maintaining operations while working to stabilize its financial position. Volotea’s current strategy involves balancing immediate financial challenges with long-term restructuring. The company is seeking to avoid a more severe insolvency process by negotiating with its creditors and implementing cost-cutting measures. If successful, these efforts could allow Volotea to continue operating while addressing its debt burden.