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☆ Wheels Up flies for now, but private-jet rivals see opportunity
  + stars: | 2023-08-16 | by ( Allison Lampert | ) www.reuters.com   time to read: +4 min
Wheels Up avoided a possible bankruptcy when it secured backing from investors on Tuesday, including U.S. carrier Delta Air Lines (DAL.N). Two operators have closed down since May in the face of diminished traffic and higher labor costs could force some private-jet operators out of business. While private flying remains above 2019 levels, traffic has slowed since the pandemic, when wealthy passengers sought to avoid crowded commercial airports. The company, which provided third-party flying service to Wheels Up, faces a lawsuit from Wheels Up over a contract dispute. Jamie Walker, chairman of U.S. private jet operator Jet Linx, said he sees opportunity for both organic growth and acquisitions due to the softening marketplace.
Persons: Brian Foley, Foley, Jim Segrave, Uber, Dynamics's, Canada's, Travis Kuhn, Justin Crabbe, Andrew Collins, Jamie Walker, Linx, " Walker, Allison Lampert, Ben Klayman, Andy Sullivan Organizations: Delta Air Lines, Rivals, Gulfstream, Canada's Bombardier, U.S, Argus, North, Thomson Locations: U.S, New York, Miami, North Carolina, Montreal
☆ Wheels Up flags inability to continue operations, shares tank
  + stars: | 2023-08-09 | by ( Allison Lampert Shivansh Tiwary | Allison Lampert | Shivansh Tiwary | ) www.reuters.com   time to read: +2 min
Delta Airlines passenger jets are pictured outside the newly completed 1.3 million-square foot $4 billion Delta Airlines Terminal C at LaGuardia Airport in the Queens borough of New York City, New York, U.S., June 1, 2022. REUTERS/Mike SegarAug 9 (Reuters) - Wheels Up Experience (UP.N) said on Wednesday there was "substantial doubt" about its ability to continue operations, even as it disclosed short-term funding from Delta Air Lines (DAL.N), sending its shares plunging 42%. North American business flights were down 3.6% compared with July 2022, according to data from Argus International. Delta said in a statement that it was providing a short-term capital infusion in the form of a secured promissory note to Wheels Up, which is pursuing strategic partnerships. Wheels Up, which canceled an earnings call scheduled for Wednesday, said U.S. private jet operator Airshare had entered into a non-binding agreement with the company to acquire its non-core aircraft management business.
Persons: Mike Segar, Delta, Ed Bastian, Airshare, Shivansh, Allison Lampert, Rajesh Kumar Singh, Vinay Dwivedi, Mark Potter Organizations: Delta Airlines, LaGuardia Airport, REUTERS, Delta Air Lines, Argus International, Delta, Airshare, Thomson Locations: Queens, New York City , New York, U.S, American, Bengaluru, Montreal
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