Volotea has applied to the Fund for Support to the Solvency of Strategic Companies, managed by the State Society of Industrial Participations (SEPI), the granting of a participative loan for up to a maximum of 185 million euros to achieve the equity rebalancing after the Covid-19 crisis.
The company hopes not to exhaust the maximum amount of this loan, as reported in a statement. The request is framed within its status as a strategic company, given the number of direct and indirect jobs it generates, as well as the sector in which it operates. Furthermore, it claims to be a connectivity alternative for “millions of European passengers every year”.
The company hopes that access to this participating loan will strengthen its position in the face of agreement reached with IAG whereby Volotea would operate certain routes and ‘slots’ of Air Europa and Iberia to meet the requirements of the European Commission in the event that the acquisition of Air Europa by Iberia occurs.
In addition, it argues that this participation would reinforce its solvency and competitiveness and “It would boost its strength as a potential in the markets in which it operates.”
The airline, founded in 2012 by Carlos Munoz, had been obtaining positive results since 2015. However, the pandemic impacted the business in such a way that the company lost more than 120 million euros in 2020, which has affected its funds.
Muñoz, also CEO of the company, highlights that “this participatory loan would allow rebalance the heritage and to prepare the company for its healthy growth in the long term, as well as to be in a better disposition to face the opportunities that arise “.
Other Spanish airlines have requested aid from the rescue fund, having already received aid from Air Europa (475 million) and Plus Ultra (53 million euros), in addition to Ávoris, a business corporation, owner of Evelop !, Air Nostrum, which has requested 103 million and Wamos, which has requested 70 million euros. euros.