Originally Posted by
Allegheny
Dear Wheels up Team,
I am a former GAMA / Wheels Up pilot and got a better offer so I left. (P.S., I paid the balance of my prorated contract off.) My question to those who are currently employed there is how is the company cash and debt level holding? When I left this last summer, there was a great deal of talk about a cash infusion from going public. Almost immediately after I left there was the TMC merger. Then there was the DPJ alingment or codeshare, and the GAMA merger / purchase. I use the words codeshare merger buy-out to describe the consolidation. As Wheels Up is a private company, the normal required public reports are not available. There has to be some debt somewhere in all those activities? Any idea what shape the company is in on a cash burn and debt basis?
I'm guessing that there are only a handful of insiders who really know, but if you look at the big players invested in this operation there are certainly some deep pockets included in the mix. Delta airlines, Franklin Templeton, T. Rowe Price and Fidelity to name a few. Although demand has slowed dramatically there is still a revenue stream from the flights we are operating right now. Those flights along with the cost cutting / schedule reductions etc. should allow the company to tread water until things begin to normalize.
Add the safety net from the CARES act and it looks like the company is in a good position to weather the storm.