Current Status of Wheels Up?
09-21-2023, 10:45 AM
#1
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Current Status of Wheels Up?
I am a 20 y/o commercial pilot/cfi looking to advance my career. I'm currently sitting at 1020TT with all of their other minimums met and will reach their TT mins in about 3-4 months. Does anyone have any insight about the current QOL of the pilots and where they see career progression with the company? I have done research on the Delta bailout and am aware of their pay, but any help would be greatly appreciated. Thanks in advance!
09-21-2023, 12:31 PM
#2
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Position: Retired NJA & AA
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Be sure you've read all the messages about WU in this Part 135 forum. I don't know how long and if Delta will keep propping them up if they don't become profitable.
I don't remember if they have a training contract, but be aware about that if there is one. If they file for bankruptcy and cut pay could you still be on the hook for the training contract?
I suspect they have a lot of pilots heading for the exit door so you could do well seniority wise if the company remains a going concern. Just be sure of what you're getting into. I haven't seen any current WU pilots post on here in quite some time, hopefully one will show up and can give the latest info.
I don't remember if they have a training contract, but be aware about that if there is one. If they file for bankruptcy and cut pay could you still be on the hook for the training contract?
I suspect they have a lot of pilots heading for the exit door so you could do well seniority wise if the company remains a going concern. Just be sure of what you're getting into. I haven't seen any current WU pilots post on here in quite some time, hopefully one will show up and can give the latest info.
09-21-2023, 12:44 PM
#3
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Position: Retired NJA & AA
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Here's some "breaking news" but it's not necessarily new news.
Delta Air Lines Consortium Completes Wheels Up Deal
$500 million credit facility buoys air charter company
https://www.ainonline.com/aviation-n...ource=hs_email
Delta Air Lines Consortium Completes Wheels Up Deal
$500 million credit facility buoys air charter company
https://www.ainonline.com/aviation-n...ource=hs_email
09-22-2023, 06:06 AM
#4
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Originally Posted by pstill65
I am a 20 y/o commercial pilot/cfi looking to advance my career. I'm currently sitting at 1020TT with all of their other minimums met and will reach their TT mins in about 3-4 months. Does anyone have any insight about the current QOL of the pilots and where they see career progression with the company? I have done research on the Delta bailout and am aware of their pay, but any help would be greatly appreciated. Thanks in advance!
09-22-2023, 10:27 PM
#5
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Position: Standing in front of the tank with a shopping bag
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Best of luck to you all..
Originally Posted by EMAW
The next 12 months will tell us what we need to know. By no means am I a company man, but I hope we turn it around. There has been quite a bit of attrition on an already stretched staff. If you like to fly a lot on the road, this is the place for you. No one has a working crystal ball and they can’t tell us much of their plans due to being a publicly traded company.
You’ve got some great folks over there.
09-23-2023, 05:56 AM
#6
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Originally Posted by pstill65
I am a 20 y/o commercial pilot/cfi looking to advance my career. I'm currently sitting at 1020TT with all of their other minimums met and will reach their TT mins in about 3-4 months. Does anyone have any insight about the current QOL of the pilots and where they see career progression with the company? I have done research on the Delta bailout and am aware of their pay, but any help would be greatly appreciated. Thanks in advance!
09-25-2023, 11:39 AM
#7
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Position: Retired NJA & AA
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New BOD at Wheels Up
Wheels Up Names New Board sans Founder Kenny Dichter
Wheels Up has reconstituted its board of directors concurrent with receiving up to $350 million in term loan financial support and a $100 million revolving loan from an investor consortium led by Delta Air Lines. Before that deal closed on September 20, Delta already had provided Wheels Up with $70 million since August 8 under an amended promissory note.
Departing board members include company founder and former CEO Kenny Dichter, Mike Mullen, Brian Radecki, Susan Schuman, Ravi Thakran, Chih Cheung, and Marc Farrell. In a Form 8-K filed Friday with the U.S. Securities and Exchange Commission, Wheels Up stressed that the resignations were "not related to any disagreement with the company or the board regarding any matter related to the company's operations, policies, or practices."
Concurrent with the resignations, Wheels Up announced the appointment of new board members including incoming CEO George Mattson; Delta president for international and former Bombardier CEO Alain Bellemare; Adam Cantor, a partner with Wheels Up investor Knighthead; Zachary Lazar, a director with Wheels Up investor Certares; and Andrew Davis, senior v-p of strategy and investments for Wheels Up investor Cox Enterprise.
Wheels Up has reconstituted its board of directors concurrent with receiving up to $350 million in term loan financial support and a $100 million revolving loan from an investor consortium led by Delta Air Lines. Before that deal closed on September 20, Delta already had provided Wheels Up with $70 million since August 8 under an amended promissory note.
Departing board members include company founder and former CEO Kenny Dichter, Mike Mullen, Brian Radecki, Susan Schuman, Ravi Thakran, Chih Cheung, and Marc Farrell. In a Form 8-K filed Friday with the U.S. Securities and Exchange Commission, Wheels Up stressed that the resignations were "not related to any disagreement with the company or the board regarding any matter related to the company's operations, policies, or practices."
Concurrent with the resignations, Wheels Up announced the appointment of new board members including incoming CEO George Mattson; Delta president for international and former Bombardier CEO Alain Bellemare; Adam Cantor, a partner with Wheels Up investor Knighthead; Zachary Lazar, a director with Wheels Up investor Certares; and Andrew Davis, senior v-p of strategy and investments for Wheels Up investor Cox Enterprise.
10-03-2023, 11:15 AM
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Airshare Closes Deal for WU Managed Fleet
Transaction triples the size of Airshare's managed fleet. Majority of aircraft joining the fleet are super-midsize.
Pilots will be joining Airshare but it doesn't say how many or how they'll be picked.
Wheels Up said it was selling its aircraft management division to focus on its core business activities.
(IMO Corporate Speak for we're burning the furniture to stay alive).
https://www.ainonline.com/aviation-n...ource=hs_email
Pilots will be joining Airshare but it doesn't say how many or how they'll be picked.
Wheels Up said it was selling its aircraft management division to focus on its core business activities.
(IMO Corporate Speak for we're burning the furniture to stay alive).
https://www.ainonline.com/aviation-n...ource=hs_email
11-09-2023, 08:29 PM
#9
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Position: Retired NJA & AA
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WU loses145M in 3rd quarter
They lost $145M on revenue of $320M, although there was a $56M "goodwill impairment charge as part of that.
From AIN:
For the first nine months, Wheels Up posted $407 million in losses on $1.007 billion in revenues. Quarterly losses and revenues have been decreasing this year as the company continues to implement its plan to reorganize into two principal service areas and consolidate Part 135 certificates. It also recently opened a consolidated operations center in Atlanta.
"Despite the challenging year, we are proud of the progress we have made on our operating and profitability goals and the renewed market confidence resulting from the recently closed capital infusion," said CFO Todd Smith. "Our on-time performance and controllable interruption rates are improving, and the third quarter marked our best profit performance since 2021."
"The strategic [$450 million] investment from Delta Air Lines, along with our new partners [announced in September], demonstrates their confidence in our operational and commercial plan to deliver a compelling and differentiated experience for our customers," said CEO George Mattson. "I look forward to leveraging a deeper relationship with Delta."
From AIN:
Wheels Up Trims Revenues and Losses In 3Q
Wheels Up reported third-quarter losses of $145 million this morning on $320 million in revenues. The loss included a $56 million non-cash goodwill impairment charge. Meanwhile, active members fell 15 percent year-over-year, to 10,775, and live flight legs were down by 21 percent, to 16,581. Revenue per live flight leg dropped by 2 percent, to $12,945.For the first nine months, Wheels Up posted $407 million in losses on $1.007 billion in revenues. Quarterly losses and revenues have been decreasing this year as the company continues to implement its plan to reorganize into two principal service areas and consolidate Part 135 certificates. It also recently opened a consolidated operations center in Atlanta.
"Despite the challenging year, we are proud of the progress we have made on our operating and profitability goals and the renewed market confidence resulting from the recently closed capital infusion," said CFO Todd Smith. "Our on-time performance and controllable interruption rates are improving, and the third quarter marked our best profit performance since 2021."
"The strategic [$450 million] investment from Delta Air Lines, along with our new partners [announced in September], demonstrates their confidence in our operational and commercial plan to deliver a compelling and differentiated experience for our customers," said CEO George Mattson. "I look forward to leveraging a deeper relationship with Delta."
11-22-2023, 09:04 AM
#10
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Posts: 18
Article on Wheels Up/Southern
https://airlinegeeks.com/2023/11/13/...ith-wheels-up/
Southern Airways Express, a Part 135 operator based in Palm Beach, Fla., is looking for new ways to bring pilots on board with the company. News this past July broke that the carrier was suing previous pilots who left the company for breaking contracts they had signed with the airline for training. The decision to come after former pilots has seen a string of backlash from those in the industry and the federal government. However, amidst a shortage in workforce for Southern, the carrier has just announced a new partnership with another 135 operator: Wheels Up.
The recent agreement will see Wheels Up, who recently gained funding from Delta Air Lines, sending pilots to Southern to fly as captains for a year before returning to Wheels Up. Southern Airways CEO, Stan Little, mentioned the primary issue for the carrier is pilot attrition instead of hiring.
On a phone call first reported by The Courrier Express, Little expressed his opinion on attrition with the analogy of using sticks and carrots to keep pilots from leaving prematurely. He believes that additional programs, like the one the company had previously established with SkyWest, will retain pilots who upgrade to captain for a longer period of time.
The partnership also benefits Wheels Up. Pilots with less experience will start at Southern before gaining time and experience as a first officer and then captain before transitioning to Wheels Up. While Southern will be a partner, they won’t be the only ones. Wheels Up has also announced a similar partnership with Tropic Ocean Airways, a seaplane operator also based in Florida, as reported by Private Jet Card Comparisons.
Southern has also announced a change to their pilot training program. In an effort to save money and give pilots the tools they need to operate safely and efficiently on the line, the carrier opened a new training center featuring a simulator in DuBois, Penn. The airline has started making classes smaller, working closer with pilots, and will be revamping their training program in 2024.
Southern Airways Express, a Part 135 operator based in Palm Beach, Fla., is looking for new ways to bring pilots on board with the company. News this past July broke that the carrier was suing previous pilots who left the company for breaking contracts they had signed with the airline for training. The decision to come after former pilots has seen a string of backlash from those in the industry and the federal government. However, amidst a shortage in workforce for Southern, the carrier has just announced a new partnership with another 135 operator: Wheels Up.
The recent agreement will see Wheels Up, who recently gained funding from Delta Air Lines, sending pilots to Southern to fly as captains for a year before returning to Wheels Up. Southern Airways CEO, Stan Little, mentioned the primary issue for the carrier is pilot attrition instead of hiring.
On a phone call first reported by The Courrier Express, Little expressed his opinion on attrition with the analogy of using sticks and carrots to keep pilots from leaving prematurely. He believes that additional programs, like the one the company had previously established with SkyWest, will retain pilots who upgrade to captain for a longer period of time.
Wheels Up
Wheels Up operates a large fleet consisting of multi-engine turbine aircraft such as Beechcraft King Airs and Cessna Citations. The New York-based 135 operator has more stringent hiring requirements for first officers than Southern. Wheels Up requires 1,200 total hours to apply while Southern requires 250 total hours, based on the minimum posted requirements. Thus, under the partnership, it is believed that pilots would start with Southern, gain Part 135 operating experience, fly the required time set forth by the company and then have the ability to move on to fly for Wheels Up.The partnership also benefits Wheels Up. Pilots with less experience will start at Southern before gaining time and experience as a first officer and then captain before transitioning to Wheels Up. While Southern will be a partner, they won’t be the only ones. Wheels Up has also announced a similar partnership with Tropic Ocean Airways, a seaplane operator also based in Florida, as reported by Private Jet Card Comparisons.
Southern has also announced a change to their pilot training program. In an effort to save money and give pilots the tools they need to operate safely and efficiently on the line, the carrier opened a new training center featuring a simulator in DuBois, Penn. The airline has started making classes smaller, working closer with pilots, and will be revamping their training program in 2024.
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