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Ace Aviation increases assets in Q3

Former Air Canada parent company Ace Aviation Holdings Inc said it recorded an increase in net assets in liquidation of USD 0.3m during 3Q13 due to interest income earned during the quarter offset by administrative and other expenses.

As at November 28, 2013, Ace´s only remaining assets consist of cash and short-term investments in an aggregate amount of USD 132m.

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 (Commercial Division) 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. The interim financial statements of ACE for the third quarter of 2013 and the related management´s discussion and analysis include a description of the proof of claims filed and certain other potential contingencies of Ace.

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