Wheels Up secures $500M credit facility led by Delta, Certares, Knighthead; Dan Janki named Chairman

Wheels Up Experience Inc.

Non-binding agreement for $500M facility ($400M term loan + $100M liquidity facility) from Delta, Certares, Knighthead.
Lenders to receive ~95% of pro forma fully diluted equity via new Class A common stock issuance.
Delta CFO Dan Janki appointed Chairman of Board, replacing Ravi Thakran who returns to director role.
Issuance of ~80% of shares without shareholder approval under NYSE Financial Distress Exception; remainder subject to vote.
Audit committee determined delay for stockholder approval would jeopardize company's financial viability.

item 5.02 item 1.01 item 7.01 item 9.01

Executive movements

Machine-extracted from this filing. Every card cites the SEC source. See all recent executive movements.

Appointed

Daniel C. Janki

Chairman of the Board

UP · Wheels Up Experience Inc.

Effective: 2023-08-15
Filed: August 15, 2023, 7:59 PM ET

Mr. Janki was also appointed Chairman of the Board, effective as of the Effective Date.

Role change

Ravi Thakran

Executive Chairman of the Board

UP · Wheels Up Experience Inc.

Effective: 2023-08-15
Successor: Daniel C. Janki
Filed: August 15, 2023, 7:59 PM ET

Mr. Thakran departed from his position as Executive Chairman of the Board and transitioned the role of Chairman to Mr. Janki

Key facts

Extracted from this filing and checked against the source text.

Executive change SEC 8-K Item 5.02 confidence 0.95

Daniel C. Janki was appointed as Chairman of the Board at Wheels Up Experience Inc..

Action: appointed
Role: Chairman of the Board

Exact text from the filing

Mr. Janki was also appointed Chairman of the Board, effective as of the Effective Date.

View on SEC.gov

Executive change SEC 8-K Item 5.02 confidence 0.95

Ravi Thakran departed as Executive Chairman of the Board at Wheels Up Experience Inc..

Action: departed
Role: Executive Chairman of the Board

Exact text from the filing

Mr. Thakran departed from his position as Executive Chairman of the Board and transitioned the role of Chairman to Mr. Janki

View on SEC.gov

Wheels Up Experience Inc. filing history →

Source: SEC EDGAR

accession 0001104659-23-092027

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