Wheels Up secured $332 million in financing, guaranteed by Delta Air Lines, to fund a three-year expansion and modernization plan aimed at achieving financial stability.
The plan includes purchasing 100 new jets, specifically replacing Beechjets with Embraer Phenom 300s and Citation Xs with Bombardier Challenger 300s to upgrade its fleet.
This investment follows Wheels Up's previous financial difficulties and a $500 million bailout by Delta Air Lines, which now holds 95% of the company.
Wheels Up has secured $332 million in financing to fund a three-year expansion and modernization plan that will buy 100 new jets and provide financial stability.
The company, which began with a handful of King Airs and Beechjets, grew to become one of the largest on-demand charters in the U.S.
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Russ Niles is Editor-in-Chief of AVweb. He has been a pilot for 30 years and joined AVweb 22 years ago. He and his wife Marni live in southern British Columbia where they also operate a small winery.
