Aegean Airlines seeks majority control of Volotea

Aegean Airlines is planning to take majority control of the Spanish airline Volotea. The Greek carrier is finalizing the creation of a new parent company to facilitate the operation, which involves converting 56 million euros into shares and a capital increase of 15 million euros. This move would increase Aegean's current 20% stake to a majority position.

Volotea is currently facing significant financial difficulties, having recorded seven consecutive years of losses. Last year, the company reported a 64 million euro deficit, a 39% increase in losses, despite reaching record revenues of 818 million euros.

In response to these financial pressures and competitive challenges, Volotea is implementing structural adjustments. These measures include reducing its fleet from 44 to 41 aircraft and cutting staff, specifically the 40 cadets from the most recent pilot promotion. The company is also considering relocations, reductions in flight hours, and negotiated departures for permanent pilots and cabin crew.