Troubled Wheels Up Experience looks to stabilise operations
10 / 08 / 2023
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Private jet firm Wheels Up Experience – the parent of charter broker Air Partner – has moved to stabilise the business as it faces financial troubles.
The company yesterday announced that its largest shareholder, Delta Air Lines, has provided a short-term capital infusion to the company.
Wheels Up Experience said that it is also actively involved in discussions around strategic business partnerships for the company.
In addition, the company has entered into a non-binding letter of intent with private jet operator Airshare to acquire Wheels Up, its non-core aircraft management business.
The private jet market boomed during the Covid pandemic but has since run into difficulties as commercial airlines have restarted operations.
In the first quarter of the year, the company announced a net loss of $101m following on from a $555.5m loss last year.
The company has made job cuts and made management changes to improve its position.
Wheels Up purchased Air Partner at the start of 2022 in deal worth $107m.
Air Cargo News has contacted Air Partner for a comment.