secwatch.observer — SEC 8-K summary
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Issuer:     Wheels Up Experience Inc. (UP)
CIK:        0001819516
Form:       8-K
Filed at:   2023-08-15T23:59:59+00:00
Accession:  0001104659-23-092027
Event type: other_material
Sentiment:  neutral
Materiality: 0.85
Item codes: 5.02, 1.01, 7.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1819516/000110465923092027/0001104659-23-092027-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1819516/000110465923092027/tm2323878d1_8k.htm
  HTML page:      https://secwatch.observer/filing/0001104659-23-092027

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