Loss-making Wheels Up opts for $500 mln funding as private jet demand slows

Wheels Up Experience

15/08/2023 15:25

Aug 15 (Reuters) - Money-losing private jet charter
company Wheels Up Experience  UP.N  announced on Tuesday a
non-binding agreement for $500 million in funds from Delta Air
Lines  DAL.N  and two investment firms.
    It would comprise a $400 million term loan and a $100
million liquidity facility from Delta, the company said.
    Wheels Up, which charters planes by the hour, has taken a
slew of restructuring measures this year, including job cuts and
management changes, as demand for private jets from wealthy
travelers slowed after the pandemic.

 (Reporting By Allison Lampert in Montreal, additional reporting
by Abhijith Ganapavaram in Bengaluru; Editing by Arun Koyyur)
 ((Allison.Lampert@thomsonreuters.com; 514-796-4212; Reuters
Messaging: allison.lampert.reuters.com@reuters.net))