Delta Air Lines and other key investors of Wheels Up are extending lockup restrictions through May 2026.
Delta Air Lines, CK Wheels LLC, and Cox Investment Holdings, LLC have agreed to extend the lockup restrictions related to Wheels Up.
CK Wheels is an investment vehicle co-managed by Certares Opportunities, LLC and Knighthead Opportunities Capital Management, LLC.
The restrictions are for all shares of common stock issued under the investment investor rights agreement.
The extension adds eight months.
That takes the agreement to May 22, 2026.
In September 2024, investors extended their lockup for 12 months.
That agreement expired on Saturday.
The shares covered represent approximately 85% of the total outstanding shares of the company as of September 22, 2025.
Wheels Up CEO George Mattson commented, “We are pleased that our lead investors have decided to extend their agreements to retain all their shares, demonstrating confidence in our strategy and progress.”
The former Delta board member who took the helm in September 2023 added, “Their long-term focus and steadfast support have been critical as we scale our premium jet fleet, enhance membership offerings, deepen our commercial relationship with Delta, and sharpen our operations.”
Mattson continued, “By delivering the most accessible and flexible offering in the private aviation industry, we are transforming Wheels Up and redefining private aviation for today’s travelers.”
Earlier this month, Wheels Up launched a new jet card program.
It focuses on its next-generation fleet of Phenom 300s and Challenger 300s.
Wheels Up has been seeking to gain profitability.
It recently followed up on announced plans for $50 million cost-saving programs with layoffs.
Cost reductions were announced in August when reporting its Q2 2025 financials.
Delta Air Lines CEO Ed Bastian has continued his public embrace of the private jet company.
In July, he told CNBC, “(Wheels Up) was in pretty dire shape when we and (Certares Management LLC, Knighthead Capital Management LLC, and Cox Enterprises) stepped in.”
He added, “We said at the time it was going to take a couple years to get it turned around, stabilized.”
The Delta boss told listeners, “We’re doing that…We are seeing meaningful improvements.”
Bastian has said that Wheels Up is critical to Delta’s goal of capturing market share among high-yield premium travelers.
The duo is creating integrated solutions.
Delta Air Lines initially sold Delta Private Jets to Wheels Up in 2019.
Find the perfect solution for your private aviation needs
Save Time. Buy Confidently.
Receive an apples-to-apples comparison of programs that meet your needs from more than 500 jet card and fractional options covering 65 points of differentiation and over 40,000 data points.
