Wheels Up Announces $332 Million Plan for Future

[AVweb file photo]

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.

After going public in 2021 it ran into financial trouble before being bailed out by Delta Air Lines in a $500 million deal that gave the carrier 95 percent of the stock. Former Delta board member George Mattson, who became the new Wheels Up CEO in 2023, announced the plan at the National Business Aviation Association-Business Aviation Convention & Exhibition (NBAA-BACE) in Las Vegas on Tuesday.

Mattson said the company will replace the Beechjets with Embraer Phenom 300s, and to get the ball rolling it's buying 17 Phenoms from Grandview Aviation and hiring most of its pilots.

Wheels Up will also replace its 13 Citation Xs with Bombardier Challenger 300s, which have a lot more range and interior space than the speedy Citations. Mattson said Delta is guaranteeing a loan from Bank of America to finance the plan.

Editor’s Note: This article first appeared on AVweb.

charter airline Delta NBAA-BACE Wheels Up

Russ NilesAuthor

Russ Niles has been a journalist for 40 years, a pilot for 30 years and joined AVweb in 2003. When he’s not writing about airplanes he and his wife Marni run a small winery in British Columbia’s Okanagan Valley.