Charter & Fractional
Delta Consortium To Take Control of Wheels Up
Delta CFO becomes Wheels Up chairman
Wheels Up King Air Beech 350 (Photo: Barry Ambrose)
Delta Air Lines is stepping in to rescue the financially ailing Wheels Up under an a deal that would give a majority stake to the airline and a consortium of investors. (Photo: Barry Ambrose)

A consortium led by Delta Air Lines and investment firms Certares and Knighthead announced a tentative deal on Tuesday to take over 95 percent of Wheels Up for $500 million. The plan provides Wheels Up with a $400 million term loan plus a $100 million “liquidity facility” from Delta.

Last week, Delta announced that it was providing Wheels Up with short-term financing of $15 million. Under the plan, Todd Smith will remain as Wheels Up interim CEO, while Delta chief financial officer Dan Janki replaces Ravi Thakran as Wheels Up chairman.