Volotea starts debt restructuring process

Volotea, a European airline, has begun a "preconcurso" procedure, a legal step in Spain to restructure debt and avoid bankruptcy. This process gives the company a three-month delay and requires an agreement with creditors by December 31. Among these creditors is Sociedad Estatal de Participaciones Industriales (SEPI), which lent the airline 200 million euros during the health crisis.

Rising fuel costs add to financial strain

The airline is also dealing with increased costs from higher kerosene prices, estimated at 150 million euros. To address these challenges, Volotea has proposed restructuring its operations, including cutting 50 jobs, mainly in Barcelona, and reducing its fleet from 45 to 35 or even 30 aircraft. The company has already reduced its active fleet, with flights typically operating no more than 26 aircraft at a time.

Flight cancellations disrupt travel plans

Volotea has canceled a significant number of flights, with travel agents reporting "cancellations by the dozens." Some airlines have contracts that allow them to reduce losses by leaving planes inactive during low-demand periods. However, this has created regulatory and practical issues, especially in France, where tourism professionals face cancellations without clear alternatives.

High cancellation rates in France and elsewhere

In October 2026, Volotea canceled 27.8% of its flights in France, with Perpignan airport seeing the highest rate at 81.8%. Similar issues occurred in Italy, where 34.0% of flights were canceled, and in Greece, where 32.7% were canceled. Spain had a much lower cancellation rate of 9.8%. In November 2026, France accounted for over half of all expected flight cancellations in Europe.

Company faces growing losses and debt

Despite assurances from Volotea's strategy director, Gabriel Schmilovic, that "there will be no more cancellations," the company is experiencing increasing financial difficulties. Losses for the 2025 fiscal year rose from 64 million euros to 94.2 million euros. The airline is also burdened by pandemic-related debt and negative shareholders' equity of 570 million euros.

Management downplays risks, but critics remain cautious

Volotea's management has stated its situation is not like that of the defunct airline Spanair, which collapsed in 2012. However, consumer rights group FACUA-Consumidores en Acción warns travelers to avoid booking flights until the company's financial status is clearer. Legal experts also note that tour operators may struggle with package holidays affected by cancellations, as the B2B sector is not covered by standard passenger rights laws.