ACE Aviation progresses with liquidation process

Washington DC
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Former Air Canada parent ACE Aviation Holdings reduced its net assets by Canadian dollar (C$) 250 million ($244 million) through liquidation that began in 2012.

As of 29 April, ACE had about $132 million remaining assets in the form of cash and short-term investments.

ACE Aviation distributed C$275 million to shareholders in the second quarter of 2012.

The Superior Court of Quebec appointed Ernst & Young as ACE Aviation's liquidator in June 2012 after shareholders approved the process in April.

ACE was formed in 2004 as a holding company to act as Air Canada's parent when it restructured after filing for bankruptcy protection in 2003, and embarked on a voluntary liquidation process in 2012.

Creditors have until 13 May to file their proof of claims.