Universal Helicopters Newfoundland and Labrador has officially shut down due to financial issues.

In a statement, Nunatsiavut Group of Companies (NGC) President and CEO Chris Webb says at the close of business on Tuesday, Universal Helicopters made the decision to cease operations.

The decision impacts Universal Helicopters and its subsidiaries, collectively known as Universal Helicopters.

Webb says the company performed poorly in 2019, and this spring, the COVID-19 pandemic, and the general economic downturn compounded the company’s problems.

He says since September 2019, Universal Helicopters management and Board of Directors explored various options to stay in business, but the efforts were not successful.

Webb says the financial impact of the decision upon NGC and its affiliates will remain uncertain until the proceeds of the partnership assets are determined.