Wheels Up

Wheels Up’s Member Operations Center has grown in the image of Delta Air Lines’ operations, following the carrier’s large investment in the charter company.

Outlook for private aviation aircraft management companies.

Wheels Up’s new CEO George Mattson, who assumed the position in mid-September, is in charge of a comprehensive turnaround plan.

Wheels Up recorded revenue of $320.1 million for the third quarter (Q3) of 2023, down $100 million from a year ago.

The program, in the planning stages for three years, features specially designed pricing, discounts and benefits.

Airshare, a Kansas-City area-based fractional and aircraft management provider, has closed on its purchase of Wheels Up’s aircraft management business.

Under the deal, Wheels Up will issue Class A common stock to the lenders, which will eventually own 95% of the company’s outstanding equity.

Wheels Up has signed a non-binding agreement for a $500 million rescue from Delta and other financial investors in exchange for 95% ownership in the company.

Fractional ownership company Airshare has signed a nonbinding letter of intent to purchase Wheels Up’s noncore aircraft management business.

Wheels Up is seeking damages for breach of contract and the return of millions of dollars in deposits, the lawsuit says.

Wheels Up officials issued a statement to address the speculation.

Amid an ongoing pilot shortage, private air charter Wheels Up is expanding its pilot pathway program through the addition of two new partners.

Despite changes in leadership and stock market challenges, Wheels Up plans to bolster its aircraft availability by 10% through various means.

With its stock trading below $1 per share since early March, the company faced possible delisting by the NYSE.

Wheels Up, founded 10 years ago, has seen its stock price drop as losses mount.

Wheels Up CEO Kenny Dichter is relinquishing his position with the private flight company he founded 10 years ago.

A securities class-action lawsuit has been filed against Wheels Up Experience on behalf of those who bought stock in the company.

As a result, the company would avoid the potential of a delisting on the New York Stock Exchange (NYSE).

The private flight provider recorded Q4 revenue of $408.3 million, up 18% from $345.0 million for the same period a year ago.

Fast-growing Wheels Up, a private aviation provider, is restructuring and eliminating jobs to shave $30 million a year in costs.