Delta, certares and knighthead accelerate wheels up business transformation with expanded strategic partnership

No. 1 premium airline joins travel and tourism investment firm certares and deep value and turnaround investment firm knighthead in a non-binding agreement in principle to co-lead a $500 million facility the lenders will receive newly issued wheels up class a common stock resulting in the lenders owning approximately 95% of the pro forma equity of the company on a fully diluted basis expanded partnership with wheels up would include deep travel expertise and resources to drive strategic, operational and customer service improvements atlanta , aug. 15, 2023 /prnewswire/ -- delta air lines, certares management llc, a leading investment specialist dedicated to the travel, tourism and hospitality sectors, and knighthead capital management llc, a deep value and turnaround investment firm, announced an expanded partnership with wheels up experience inc., a leading provider of on-demand private aviation, to accelerate the company's business transformation. earlier this year, wheels up announced plans to scale and evolve its product offerings to deliver world-class private aviation service profitably.
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