Charter & Fractional
Wheels Up Stock Plunges on Bankruptcy Rumors
Reports that Wheels Up has hired bankruptcy law firm sends stock price into a dive.
Wheels up King Air 350 on airport ramp
(Photo: Barry Ambrose)

Two weeks after a 10-1 reverse split pushed Wheels Up stock to over $3, share prices plunged more than 60 percent on Thursday after reports surfaced that the company was in talks with a law firm, Kirkland & Ellis, that specializes in bankruptcy restructuring. Trading in the shares was briefly halted, and Wheels Up took the extraordinary measure of issuing a press release to address the situation. 

In it, the company said, "Wheels Up Experience continues to progress with redesigned programs to better serve its members and customers in support of our path to profitability. As we execute our vision and the associated strategic plans, we are working with a number of advisors and industry participants around securing new strategic investments, raising capital, and executing previously disclosed strategic divestitures."

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