Airshare Quadruples Fleet in Deal for Wheels Up Private Management Business
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.
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.
In an exclusive partnership between Wheels Up and AirMed, Wheels Up will launch a new membership tier that features 24/7 medical-travel services from AirMed.
Wheels Up is partnering with MAG Aerospace, a Virginia-based military contracting company, as it looks to boost its pilot recruitment efforts.
Since going public via a SPAC-IPO last summer, Wheels Up’s share price has slumped in the public markets amid questions about its addressable market and profitability.