Wheels Up is facing severe financial distress, having received emergency funding from Delta Air Lines, postponed its earnings report, and expressed "substantial doubt" about its ability to continue operations.
To address its financial challenges and refocus on its core charter business, Wheels Up is selling its private jet management business to Airshare.
The acquisition is expected to significantly expand Airshare's managed fleet and enhance its service offerings for customers and aircraft owners.
The on-demand Part 135 provider, which reserves prepurchased time on airplanes from charter operators through a membership model, on Wednesday announced that it received emergency funding from Delta Air Lines, which owns one-fifth of the company. It postponed its earnings announcement, which was scheduled for Wednesday morning.
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Jack is a staff writer covering advanced air mobility, including everything from drones to unmanned aircraft systems to space travel—and a whole lot more. He spent close to two years reporting on drone delivery for FreightWaves, covering the biggest news and developments in the space and connecting with industry executives and experts. Jack is also a basketball aficionado, a frequent traveler and a lover of all things logistics.
