Wheels Up flies for now, but private-jet rivals see opportunity

Loss-making private jet firm Wheels Up Experience nabbed a key $500 million lifeline but still faces turnaround challenges, as demand for private travel softens in the wake of the COVID-19 pandemic and rival operators lure some of their customers. Wheels Up avoided a possible bankruptcy when it secured backing from investors on Tuesday, including U.S. carrier Delta Air Lines. But the company still has work to do to become profitable in a more difficult environment, said business aviation consultant Brian Foley.