Wheels Up Experience, a private jet charter company, said Tuesday that amid financial losses it is proposing to give up 95 percent of its common stock to get a $500 million “lifeline” from its creditors.

Wheels Up is in the business of renting private jets by the hour to its customers, but has been struggling financially as demand for private jets among affluent travelers has declined since the pandemic. Growing financial losses have forced the company to take a series of restructuring measures this year to shore up its financial position, including layoffs and management changes.

Under the latest non-binding agreement, Wheels Up will receive a $400 million term loan from its partners Delta Air Lines and investment firms Certares Management and Knighthead Capital Management. Delta will also provide a $100 million liquidity facility, bringing Wheels Up’s total financing to $500 million.