Jet charter firm Wheels Up in talks with lenders amid cash crunch -WSJ By Reuters

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<p>(Reuters) -Private jet company Wheels Up Experience is in talks with lenders about a debt restructuring while exploring other options to avoid bankruptcy, the Wall Street Journal reported on Friday.</p>
<p>The company, which offers flight charters, has recently started discussions with Bain Capital and MSD Capital, holders of more than $260 million in equipment financing notes, after missing recent debt payments, the report added, citing people familiar with the matter.</p>
<p>Bain Capital declined to comment while Wheels Up and MSD Capital did not immediately respond to a request for comment on the report.</p>
<p>The New York-based company on Wednesday said there was “substantial doubt” about its ability to continue operations, even as it disclosed short-term funding from Delta Air Lines (NYSE:).</p>
<p>Delta said in a statement that it was providing a short-term capital infusion in the form of a secured promissory note to Wheels Up, which is pursuing strategic partnerships. It did not disclose the amount of funding.</p>
<p>Wheels Up has taken a slew of restructuring measures this year including job cuts and management changes as private jet traffic, which soared on demand from wealthy travelers during the pandemic, has slowed.</p>
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<br /><a href="https://www.investing.com/news/stock-market-news/jet-charter-firm-wheels-up-in-talks-with-lenders-amid-cash-crunch-wsj-3152882">Source link </a></p><p>The post <a href="https://forextraderhub.com/jet-charter-firm-wheels-up-in-talks-with-lenders-amid-cash-crunch-wsj-by-reuters.html">Jet charter firm Wheels Up in talks with lenders amid cash crunch -WSJ By Reuters</a> first appeared on <a href="https://forextraderhub.com">Forex Trader Hub</a>.</p>