Ace Aviation prepares for liquidation of assets
June 29, 2012, Montreal - ACE Aviation Holdings Inc. (ACE) announced today that, further to the approval by its shareholders on April 25 of a special resolution providing for the voluntary liquidation of ACE, the Québec Superior Court - Commercial Division has issued today an order appointing Ernst & Young Inc. as liquidator of ACE.
Effective as of today, all of the directors and officers of ACE have resigned from their positions and the liquidator is vested with the powers of the directors of ACE.
Under the supervision of the Court, the liquidator will establish a process for the identification, resolution and barring of claims and other contingent liabilities against ACE. The liquidator will also proceed with the distribution of ACE's remaining net cash to its shareholders, after providing for outstanding liabilities, contingencies and costs of the liquidation. The final distribution to shareholders and the cancellation of the shares of ACE will not occur earlier than mid-year 2013 in order to allow that any remaining contingent liabilities be settled or otherwise provided for.
Until an application is made and an order is issued by the Canadian securities regulatory authorities deeming ACE to no longer be a "reporting issuer", ACE will continue to be subject to ongoing disclosure and other obligations as a reporting issuer under applicable securities legislation in Canada. As a result, further information relating to the liquidation will be provided in subsequent press releases and other documents filed at www.sedar.com. In addition, the liquidator may post materials relevant to ACE's liquidation on ACE's website at www.aceaviation.com. It is intended that, after the cancellation of the common shares, ACE will apply to the Canadian securities regulatory authorities for an order deeming ACE to no longer be a reporting issuer.