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 has added another $40 million to the $390 million term loan and $100 million revolving credit facility it received in September. The funds were provided by Kore Capital and managed by Whitebox Advisors.
These new investors join Delta Air Lines, Certares Management, Knighthead Capital Management, and Cox Enterprises, providing an additional term loan of $40 million under the existing credit agreement. In October, Wheels Up CFO Todd Smith told AIN that the company planned to seek up to an additional $50 million to the nearly $500 million loan/credit line combination it received in September.
"As discussed on our earnings call last week, we expect our cash balance at the end of the year will be flat to up versus third quarter levels, reflecting a stabilization of deferred revenue and working capital, the absence of the one-time transaction costs, and proceeds received from the additional term loan," said Wheels Up CEO George Mattson.&nbsp;During the third quarter, Wheels Up posted a loss of $145 million on $320 million in revenue.
In connection with closing the additional term loan, Wheels Up completed the second issuance of common stock to lenders on November 15. Lenders now hold shares equal to approximately 95 percent of the company's outstanding equity on a fully diluted basis as of September 15, 2023, after giving effect to such issuance.

Issues regarding financing of aircraft; aviation insurance; tax issues for aircraft operators; new companies and people in the aviation financing and insurance industries.

Wheels Up Receives $40 Million from New Investors

Kore Capital and Whitebox Advisors add to Wheels Up's $390 million term loan

Wheels Up has added $40M to its $390M term loan and $100M revolving credit facility. The funds are provided by Kore Capital and managed by Whitebox Advisors.

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