Wheels Up Seeks Emergency Funding, According to Report

Part 135 fractional operator Wheels Up is apparently seeking new sources of funding to parlay a worsening cash situation.

Julie Boatman

Tuesday, August 08, 2023 at 05:52 PM ET

Verified

The on-demand air charter company Wheels Up had a significant change in leadership earlier this summer. [Credit: Wheels Up]

Key Takeaways:

Private jet operator Wheels Up is actively seeking emergency funding to address a worsening cash situation.
The company has consistently reported financial losses each quarter since going public, despite its status as a major Part 135 operator and attracting significant investors.
These ongoing financial difficulties have led to recent leadership changes and a strategic shift to focus on its core charter business.

See a mistake? Contact us.

In a report Tuesday via Bloomberg News, the Part 135 operator Wheels Up is apparently seeking new emergency sources of funding to parlay a worsening cash situation.

In a statement posted within the story, a Wheels Up representative said: “As previously disclosed, Wheels Up is evaluating strategic options to transform our business in close coordination with our financial stakeholders, industry participants, and advisors. Our priority remains continuing to deliver an extraordinary experience for members, and doing that safely, reliably and on-time.”