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Wheels Up sinks amid report of hiring restructuring lawyers (update)

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Update 6:40pm: Adds company comment.

Wheels Up Experience (NYSE:UP) dropped 60% amid a report that the private jet service hired restructuring lawyers.

Wheels Up (UP) hired law firm Kirkland & Ellis for restructuring advice, according to a WSJ report on Thursday, which cited a company representative.

Wheels Up hasn’t decided on its restructuring options, a company representative told the WSJ. A bankruptcy would allow the company to restructure obligations to customers who have already put down deposits for access to its private jets.

“Wheels Up Experience continues to progress with redesigned programs to better serve its members and customers in support of our path to profitability,” the company said in a statement on Thursday evening. “As we execute our vision and the associated strategic plans, we are working with a number of advisors and industry participants around securing new strategic investments, raising capital, and executing previously disclosed strategic divestitures.”

Shares of Wheels Up (UP) have dropped 70% this year before Thursday as least partly after the founder and former CEO stepped down last month. Wheels Up stock has dropped about 98% since it went public through a de-SPAC in July 2021.

Last month CNBC reported that Wheels Up had been consulting with bankruptcy advisors and attorneys about possible capital raises or a restructuring. At the time Wheels Up (UP) told the business network in a statement that it wasn’t “considering bankruptcy.” The company said it was looking at divestitures of non-core assets and other cash-generating opportunities and that it could take on more debt.

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