Air travelers flocked to Wheels Up after the pandemic’s onset, helping the company go public in a mid-2021 merger with a special-purpose acquisition company. Wheels Up’s turnaround plan centers on rolling back its guarantee of providing access to flights at capped hourly rates anywhere in the U.S., he said. Under the expanded Delta partnership, the airline’s corporate customers will now get preferential rates when they use Wheels Up. Wheels Up’s cash balance stood at $363 million in the quarter ended March 31, a 32% drop compared with a year earlier. Wheels Up’s efforts to reach profitability recently received a vote of confidence from Ed Bastian, chief executive of Delta Air Lines.

Source: Wall Street Journal June 22, 2023 11:03 UTC