In a statement issued on 27 May, Universal Helicopters announced that along with subsidiaries that included Lakelse Helicopters Limited and Lakelse Air Limited, it had ceased operations.

“Universal Helicopters reached this decision after working unsuccessfully with its banks to find solutions to stay in business,” the statement read.

The company was in poor financial standing at the end of 2019, due to mounting debt ‘incurred’ by the acquisition of Lakelse Air in 2018. Universal’s growing financial troubles have been exacerbated in 2020 due to the pandemic.

The company said: “These occurrences have had a drastic negative impact on the operations of all businesses of Universal Helicopters. In consideration of the foregoing, the board of directors of Universal Helicopters has concluded that Universal Helicopters is unable to continue to carry on business.”

The company was three years shy of hitting its 60th anniversary when the decision was made to close its doors.