Volotea, a Spanish airline, is undergoing a major restructuring due to rising air fuel prices. The company plans to reduce its fleet of 44 Airbus aircraft to 30-35 planes, cutting its production capacity by about a quarter. This decision is expected to lead to fewer flights, reduced frequencies, and decreased capacity on several markets. According to data from Cirium, Volotea had planned around 13 million seats for the year, with Italy, one of its main markets, potentially losing four million seats, particularly in Olbia, Verona, Catania, and Venice. In France, the consequences remain to be detailed, but press reports mention a significant reduction in capacities in Bordeaux and Lyon, as well as possible suspension or closure of certain bases, including Brest. These details have not yet been officially announced by Volotea for each affected stop. The rising cost of fuel has impacted Volotea's finances significantly, with the company estimating the cost increase to be approximately 150 million euros. This is linked to geopolitical uncertainty and energy volatility observed since March. The company notes that the prolonged situation has transformed initial temporary difficulties into structural problems. Volotea operates in an extremely competitive market with increasing pressure on margins. The company highlights three consecutive years of positive EBIT: 3 million euros in 2023, 33.5 million in 2024, and 47.4 million in 2025. However, these figures are not sufficient to erase net losses or the weight of the debt incurred during the pandemic. Volotea has entered the final phase of discussions with its creditors to restructure its long-term financial debt. The company is working with SEPI, the Spanish state holding company, its industrial partners, and financial institutions, aiming to reach an agreement by the end of December. The plan includes a social component, with an adjustment of about 50 administrative positions in Barcelona in the coming weeks. The company directly employs nearly 2,300 people and has not publicly detailed the consequences for flight crews and base personnel. Carlos Muñoz, founder and CEO, describes the plan as a safeguard measure, stating that the difficult context in the aviation industry necessitates restructuring both the company's financial debt and its fleet. He assures that operations continue normally, with flights, new routes, ticket sales, and future operations proceeding as planned. A capital increase is also in preparation, complementing funding already provided by Alaeo, the investment vehicle of the management team, Aegean Airlines, and the American fund PAR Capital. In March, Volotea announced a funding round of 71 million euros with these partners. Aegean Airlines, a commercial partner since 2021 and already a shareholder with more than 20% ownership, is at the center of speculation regarding a possible takeover. Spanish media reports mention a plan involving the conversion of 56 million euros of debt into equity and a capital increase of 15 million euros, with Aegean contributing 9.5 million. However, the operation remains to be officially confirmed by the parties and may depend on Spanish authorities due to the role of SEPI in the matter. For passengers, the official message remains reassuring, guaranteeing sold flights. However, the reduction in fleet size signals a more selective network, with less capacity on less profitable routes and increased attention to the profitability of each base.