Mark Huber is an aviation industry veteran who has worked in the flight training, aircraft sales, aircraft component, and airport development businesses. He has flight time in more than 50 different and diverse aircraft, including helicopters, aerobatic aircraft, vintage warbirds, jet fighters, business jets and turboprops, and transport-category aircraft. He has jumped out of several of these—on purpose—with a parachute. His defense and aviation journalism has been published in a variety of national and international periodicals.

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Mark Huber

Aircraft membership and charter company Wheels Up canceled its second-quarter financial results release and investor call scheduled for today and instead announced an unspecified, short-term cash infusion from Delta Air Lines, which owns 20 percent of Wheels Up. It also said it is pursuing “strategic options,” including the offloading of its aircraft management business, which Wheels Up termed a “non-core” asset, to business aircraft fractional, charter, management, and maintenance provider Airshare.
The non-binding agreement for Wheels Up’s aircraft management business would triple Airshare’s current owned and managed fleet of 58 aircraft. According to Overland Park, Kansas-based Airshare, the deal is expected to close in the third quarter, “subject to customary approvals and closing conditions.” Last month, <a href="https://www.ainonline.com/aviation-news/business-aviation/2023-07-26/airshare-doubles-down-challenger-orders">Airshare ordered</a>&nbsp;20 more super-midsize Bombardier Challengers.
Wheels Up has not yet released a date for its rescheduled second-quarter financial information and earnings call. In the first quarter, the company posted a loss of $101 million and burned through $222 million in cash reserves. Last year, it posted $555 million in losses. Pre-market stock trading initially reacted favorably to the news, but by midday Wheels Up shares were down about 34 percent for the day.

News and issues concerning the aviation charter and fractional-ownership industries and markets, including company announcements, regulations, new developments and labor issues.

Wheels Up Gets Financial Lifeline from Delta Air Lines, Explores Options

Options include Airshare buying aircraft management business

The aircraft membership and charter company announced an unspecified, short-term cash infusion from Delta Air Lines and that it is selling its "non-core" aircraft management business to Airshare.

Wheels Up Gets Financial Lifeline, Explores Options

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News about bills, laws, regulations and other governmental decisions affecting aviation and aerospace. Topics include FAA re-authorizations, taxes on fuel and aviation activities, environmental legislation, ICAO decisions, governmental mediation of labor conflicts and World Trade Organization disputes and decisions.

In this article

Wheels Up

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