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As more businesses take on a monthly subscription model to offer their services, even private jets are getting the membership treatment, with Wheels Up bringing more corporate customers into the fold. The on-demand private aviation company announced Tuesday (Oct.
Delta and its investing partners came to the rescue of struggling private air travel provider Wheels Up. Whether that's in Delta shareholders' best interest shall be seen
As cash burn continued and concerns escalated on Wheels Up's ability to continue as a going concern, shareholder Delta Air Lines and its investing affiliates came to the rescue with up to U.S. $500M in new financing.
Wheels Up Experience, a company that charters private jets, announced a deal to give up nearly all of its stock to a trio of lending partners in exchange for a $500 million lifeline.
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.