Wheels Up Announces $332 Million Plan for Future
Once-struggling on-demand private aviation firm is buying 100 jets.
Once-struggling on-demand private aviation firm is buying 100 jets.
Estimates of the number of pilots affected range between 11 percent and 20 percent.
Amidst a workforce shortage for Southern Airways Express, the carrier has announced a new partnership with Wheels Up.
The private aviation services provider, which counts NFL star quarterback Patrick Mahomes as a customer, snapped up 90 aircraft and 300 personnel from its rival.
Deal will give lenders 95 percent stake in the company and control of the board.
He brings 25 years of aviation experience to replace the departed company founder in the role.
Short-term capital infusion is expected to help cash-strapped, on-demand private aviation firm avoid bankruptcy.
The bridge investment comes in as the Part 135 operator postpones its earnings call.
Part 135 fractional operator Wheels Up is apparently seeking new sources of funding to parlay a worsening cash situation.
The on-demand private aviation company also announced program changes aimed at improving profitability.