Holiday tradition usually dictates staying home for a large gathering with the extended family. But celebrating away can be an exciting prospect. You might not think it, but spending the holidays somewhere else can be much less stressful than hosting or staying with relatives. A vacation rental provides a neutral territory and a much-needed break from your normal holiday routine. All you need to do is to choose a festive place to go. A good place to start is with the country’s most popular Christmas cities. New York City, Santa Claus, Williamsburg, Park City, and Santa Barbara are the most sought-after destinations in the US for the holidays, and these are the best family-friendly Christmas Airbnbs perfect for a Yuletide gathering.
Wheels Up, Delta Air Lines Close On $500 Million Rescue Package
20.09.2023 - 21:23 / forbes.com
Five weeks after announcing a rescue package led by Delta Air Lines, Wheels Up said the deal has closed. It comes after continued losses, deteriorating cash and reports by CNBC, The Wall Street Journal, and Reuters over the past several months that the New York-based private jet flight provider would need to seek bankruptcy protection.
According to the press release, “The new investment structure combines the experience of Delta, the No. 1 premium airline, with the travel and tourism focus of Certares and turnaround and restructuring experience of Knighthead. It includes an agreement for a $500 million credit facility to Wheels Up, with funds contributed by Delta and CK Wheels LLC, co-managed by affiliates of Certares and Knighthead, and Cox.”
The final agreement includes a $250 million term loan and a $100 million revolving credit facility. The investing group will end up controlling 95% of the private aviation company.
In the end, Wheels Up has a chance to escape a perfect storm of too much demand, rising costs, Covid-related supply and labor issues, and operational challenges of merging multiple acquisitions.
Earlier this year Wheels Up cut the area it offers capped rates, a move designed to reduce the number and length of empty legs - repositioning flights, where airplanes fly empty to pick up customers. Most jet card membership programs only charge clients for the time they are in the airplane.
It is also in the process of selling assets it doesn’t consider core to its business, including its aircraft management business.
“This investment represents both an important source of capital for Wheels Up to support our strategy for financial stability, future profitability, and long-term growth on behalf of our members and customers, as well a vote of confidence in our path forward from a group of investors with deep experience in the premium travel space,” said George Mattson, a Delta Board Member who was named new CEO of Wheels Up last week.
He noted, “We look forward to working closely with Delta and our other investors to deliver best-in-class operating performance and an exceptional customer experience which, as we deepen our commercial partnership, will also enable us to provide a one-of-a-kind seamless connection between private and premium commercial travel.”
Dan Janki, Delta’s CFO, who was appointed Chairman of the private jet company last month, added, “Wheels Up is an integral part of Delta’s portfolio of premium partners, and this deep relationship offers a significant opportunity to deliver compelling benefits to our customers that are unique in the travel space,” said Dan Janki, Wheels Up Chairman and Delta’s Chief Financial Officer. “This investment and new leadership puts Wheels Up on a
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