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

Wheels Up is pulling harder on a financial lifeline from Delta Air Lines. In a&nbsp;<a href="https://d18rn0p25nwr6d.cloudfront.net/CIK-0001819516/c2a9cf2c-2fdc-4763-8563-161ea931efcb.pdf">Form 8-K</a> filed Monday with the U.S. Securities and Exchange Commission, Wheels Up said it was adding up to $30 million to the $15 million short-term financing it received from Delta in the form of a secured promissory note signed August 8.
Following the initial $15 million payment, the companies agreed to amend that note to include an additional $10 million, which Wheels Up received on August 16. Now they have amended it a second time to add another $20 million, bringing the aggregate value of the promissory note up to $45 million.
Wheels Up also said it had received lender forbearance on principal and interest due on the <a href="https://www.ainonline.com/aviation-news/business-aviation/2022-10-19/wheels-nets-259-million-aircraft-financing">$260 million equipment loan</a> it received last October, guaranteed by portions of its aircraft fleet. The company said lenders had agreed to further extend the grace period to August 23.
On August 15, Wheels Up announced that Delta and investment firms Certares and Knighthood <a href="https://www.ainonline.com/aviation-news/business-aviation/2023-08-15/delta-consortium-takes-control-wheels-provides-500">would receive 95 percent of the company’s stock</a> in exchange for a loan of $400 million plus a $100 million “liquidity facility” from Delta. In its latest quarterly financial statement, Wheels Up reported $161 million in losses and $335 million in revenue during Q2 while seeing its available cash erode from $363 million to $152 million.

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 Another $30 Million Lifeline From Delta Air Lines

Wheels Up gets $30 million from Delta

Wheels Up is getting another $30 million in short-term cash from Delta Air Lines.

Wheels Up Pulls Harder on Delta Lifeline

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