Private-Jet Firm Wheels Up Seeks Rescue Funding
- Earnings report delayed after financing, asset sale announced
- Delta to provide company unspecified amount via secured note
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Wheels Up Experience Inc. just got a fresh liquidity boost from its largest shareholder, Delta Air Lines Inc.
The struggling concierge jet-service firm has been seeking new financing from investors as its cash dwindles, according to people with knowledge of the situation. It has been working with Jefferies Financial Group Inc. and Kirkland & Ellis to explore options, including asset sales and cost cutting, to improve profitability.