Private-Jet Firm Wheels Up Taps Restructuring Advisers for Help

Struggling private-jet provider Wheels Up Experience Inc. has been working with Jefferies and Kirkland & Ellis to help explore ways to improve its profitability, according to people with knowledge of the situation.

Despite big name investors — including former LVMH executives and the consumer-focused private equity firm L Catterton — and a heady valuation that briefly topped $2.8 billion, profits have been elusive. The firm, which allows its members to charter private flights, has reported losses in every quarter since it went public through a reverse merger with a blank-check company in mid-2021.

The company has been considering asset sales ...