Volotea signs EUR150m syndicated loan to cover financial and operational needs

Volotea signed (28-Jul-2020) a EUR150 million syndicated loan with eight financial institutions backed by Spain's Instituto de Crédito Oficial. The loan is aimed at meeting the airline's financial and operational needs after a three month period of inactivity due to the COVID-19 pandemic. Volotea restarted operations on 16-Jun-2020 with the launch of 40 new routes across its European bases. In Spain, Volotea has introduced 15 new connections, has doubled the number of aircraft at its Asturias and Bilbao bases and has broadened the scope of its operations adding two new airports: Santiago de Compostela and Granada. Volotea founder and CEO Carlos Muñoz said the provision of the loan "shows the confidence in the recovery capacity of Volotea... whose enormous flexibility is allowing it to face this hard crisis in the best possible conditions". [more - original PR]