Wheels Up secured $332 million in financing 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.
The financing, announced by new CEO George Mattson, is a loan from Bank of America guaranteed by Delta Air Lines, which previously bailed out Wheels Up.
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.
