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Ailing private aviation services provider Wheels Up Experience avoids bankruptcy at the price of massive dilution for existing equity holders. Strategic partners Delta Air Lines, Certares Management, and Knighthead Capital to provide an aggregate $500 million in new credit facilities. On a fully-diluted basis, the proposed transaction has caused enterprise value to jump by more than 400% from Monday's close to approximately $1.5 billion despite ongoing deterioration in the business.
Without ever making a profit, private aircraft travel company Wheels Up (WUP) now warns of substantial doubt about its ability to continue operations
Private jet operator Wheels Up received a cash infusion from investor Delta Air Lines Wednesday after warning of "substantial doubt" about continuing operations.
Wheels Up (NYSE: UP ) stock briefly rose about 8% in premarket trading before sinking over 20% today after the market opened. Earlier this morning, the aviation start-up announced that it would explore strategic options.
Wheels Up Experience said on Wednesday there was "substantial doubt" about its ability to continue operations, even as it received short-term funding from Delta Air Lines.
NEW YORK , June 5, 2023 /PRNewswire/ -- Wheels Up Experience Inc. (NYSE: UP), the leading brand in private aviation, today announced that Todd Smith, CFO and Interim CEO, will present at the Jefferies Virtual Business Aviation Summit on Tuesday, June 13, 2023 at 10 am ET. The event will be webcast live and can be accessed via the Events & Presentations page of our Investor Relations website.
Wheels Up is not the only private aircraft charter company that has had consecutive losses over the years, as revelations of VistaJet Global finances emerge.
Like many private jet startups, Wheels Up was dogged by high costs and operating issues.
Wheels Up Experience Inc. (UP) has become technically an oversold stock now, which implies exhaustion of the heavy selling pressure on it. This, combined with strong agreement among Wall Street analysts in revising earnings estimates higher, indicates a potential trend reversal for the stock in the near term.
The most oversold stocks in the industrials sector presents an opportunity to buy into undervalued companies.