Wheels Up Seeks Emergency Funding, According to Report

Part 135 fractional operator Wheels Up is apparently seeking new sources of funding to parlay a worsening cash situation.

Julie Boatman

Tuesday, August 08, 2023 at 05:52 PM ET

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The on-demand air charter company Wheels Up had a significant change in leadership earlier this summer. [Credit: Wheels Up]

Key Takeaways:

Private jet operator Wheels Up is reportedly seeking emergency funding due to a worsening cash situation.
Despite previously being the largest Part 135 operator in the U.S. and attracting investors, the company has lost money every quarter since going public.
These financial struggles have led to recent leadership changes and a strategic focus on its core charter business.

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In a report Tuesday via Bloomberg News, the Part 135 operator Wheels Up is apparently seeking new emergency sources of funding to parlay a worsening cash situation.

In a statement posted within the story, a Wheels Up representative said: “As previously disclosed, Wheels Up is evaluating strategic options to transform our business in close coordination with our financial stakeholders, industry participants, and advisors. Our priority remains continuing to deliver an extraordinary experience for members, and doing that safely, reliably and on-time.”