Wheels Up Gets Financial Lifeline from Delta Air Lines, Explores Options | Aviation International News

Charter & Fractional

Wheels Up Gets Financial Lifeline, Explores Options

Options include Airshare buying aircraft management business

Wheels Up King Air 350 — Wheels Up flew 30,000 more hours than the second most active operator, Executive Jet Management.

By Mark Huber • Contributor

August 9, 2023

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, Airshare ordered 20 more super-midsize Bombardier Challengers.

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