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Ace Aviation ups net assets in liquidation during Q2

Former Air Canada parent Ace Aviation Holdings Inc recorded an increase in net assets in liquidation of CND 0.1m during Q2 ´13 due to interest income earned during the quarter offset by administrative and other expenses.

As at August 27, 2013, Ace´s only remaining assets consist of cash and short-term investments in an aggregate amount of CND 132m, the firm said.

On June 28, 2012, further to the approval by Ace shareholders on April 25, 2012 of a special resolution providing for the voluntary liquidation of Ace, the Superior Court of Québec issued an order appointing Ernst & Young Inc. as liquidator of Ace.

Effective as of June 28, 2012, all of the directors and officers of Ace have resigned from their positions and the Liquidator was vested with the powers of the directors of Ace.

Pursuant to an order issued by the Court on February 25, 2013, the liquidator established a process for the identification, resolution and barring of claims and other contingent liabilities against Ace. Creditors had until May 13, 2013 to file their proof of claims, failing which their claims would be barred and extinguished.

Future distributions of Ace´s remaining net cash to its shareholders are subject to the expiration or settlement of any contingencies and there is no certainty as to the timing or amount of such distributions.
ACE Aviation Holdings Incorporated was created as Air Canada emerged from bankruptcy in 2004. One of the more significant changes was the merging of its six small airlines into Air Canada and Air Canada Jazz.
The company plans a wind up and will distribute its assets back to its shareholders by no earlier than mid-2013.

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