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ACE Aviation reports Q2 increase in net assets ahead of liquidation

27 August 2014

ACE Aviation Holdings Inc. (ACE) said it has announced its results for the second quarter of 2014, and provided an update with respect to its liquidation process.

In the second quarter of 2014, ACE recorded an increase in net assets in liquidation of USD0.2m due to interest income earned during the quarter offset by administrative and other expenses.

As of August 25, 2014, ACE´s only remaining assets consist of cash and short-term investments in an aggregate amount of approximately USD133m.

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 and Young Inc. as liquidator of ACE.

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. The final distribution to shareholders and the cancellation of the shares of ACE will not occur until all remaining contingent liabilities are settled or otherwise provided for.

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