---
schema_version: "secwatch.filing_event.v1"
accession: "0001104659-23-092027"
form_type: "8-K"
ticker: "UP"
cik: "0001819516"
company_name: "Wheels Up Experience Inc."
filed_at: "2023-08-15T23:59:59+00:00"
generated_at: "2026-06-11T09:35:59.104233+00:00"
event_type: "other_material"
sentiment: "neutral"
materiality_score: 0.85
calibrated_materiality_score: 0.85
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0001104659-23-092027
- form_type: 8-K
- ticker: UP
- cik: 0001819516
- company_name: Wheels Up Experience Inc.
- filed_at: 2023-08-15T23:59:59+00:00
- event_type: other_material
- sentiment: neutral
- materiality_score: 0.85
- calibrated_materiality_score: 0.85
- confidence: high
- sec_items: 5.02, 1.01, 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1819516/000110465923092027/0001104659-23-092027-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1819516/000110465923092027/tm2323878d1_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001104659-23-092027
- JSON: https://secwatch.observer/filing/0001104659-23-092027.json
- Plain text: https://secwatch.observer/filing/0001104659-23-092027.txt

## Key facts
- Executive change
  Daniel C. Janki was appointed as Chairman of the Board at Wheels Up Experience Inc..
  - Action: appointed
  - Role: Chairman of the Board
  source text: Mr. Janki was also appointed Chairman of the Board, effective as of the Effective Date.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1819516/000110465923092027/0001104659-23-092027-index.htm
- Executive change
  Ravi Thakran departed as Executive Chairman of the Board at Wheels Up Experience Inc..
  - Action: departed
  - Role: Executive Chairman of the Board
  source text: Mr. Thakran departed from his position as Executive Chairman of the Board and transitioned the role of Chairman to Mr. Janki
  evidence_url: https://www.sec.gov/Archives/edgar/data/1819516/000110465923092027/0001104659-23-092027-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.