ACE Aviation Holdings Inc. is a Canadian
holding company
A holding company is a company whose primary business is holding a controlling interest in the securities of other companies. A holding company usually does not produce goods or services itself. Its purpose is to own shares of other companies ...
that is the former parent company of
Air Canada
Air Canada is the flag carrier and the largest airline of Canada by the size and passengers carried. Air Canada maintains its headquarters in the borough of Saint-Laurent, Montreal, Quebec. The airline, founded in 1937, provides scheduled an ...
. It is headquartered in
Montreal
Montreal ( ; officially Montréal, ) is the List of the largest municipalities in Canada by population, second-most populous city in Canada and List of towns in Quebec, most populous city in the Provinces and territories of Canada, Canadian ...
. In 2012, the company signified its
intent to dissolve, but is still undergoing liquidation as of 2020.
History
ACE Aviation Holdings was created as
Air Canada
Air Canada is the flag carrier and the largest airline of Canada by the size and passengers carried. Air Canada maintains its headquarters in the borough of Saint-Laurent, Montreal, Quebec. The airline, founded in 1937, provides scheduled an ...
emerged from
bankruptcy
Bankruptcy is a legal process through which people or other entities who cannot repay debts to creditors may seek relief from some or all of their debts. In most jurisdictions, bankruptcy is imposed by a court order, often initiated by the debtor ...
in 2004; By the end of 2005, ACE completed restructuring and achieved reduced costs through outsourcing, automation and process simplification. One of the more significant changes was the merging of its six small airlines into Air Canada and
Air Canada Jazz
The atmosphere of Earth is the layer of gases, known collectively as air, retained by Earth's gravity that surrounds the planet and forms its planetary atmosphere. The atmosphere of Earth protects life on Earth by creating pressure allowing for ...
. ACE was not only a solution to Air Canada's bankruptcy, but also a strategic move by Robert Milton to create a portfolio of independent air transportation services companies out of what was Air Canada.
Among the companies in addition to Air Canada which was taken public after formation of ACE was the
frequent flyer program
A frequent-flyer program (American English) or frequent-flyer programme (British English) is a loyalty program offered by an airline.
Many airlines have frequent-flyer programs designed to encourage airline customers enrolled in the program ...
Aeroplan
Aeroplan is a coalition loyalty program owned by Air Canada, Canada's flag carrier. The Aeroplan program was created in July 1984 by Air Canada as an incentive program for its frequent flyer customers. In 2002 it was spun off as a separate corpo ...
. Aeroplan's initial public offering valued the company at , which was several times the valuation of the airline itself.
In 2005, ACE contributed in equity investment to
the merger of America West Holdings and US Airways Group, which resulted in US Airways emerging from its second bankruptcy.
In 2008, ACE completed its divestment of
Aeroplan
Aeroplan is a coalition loyalty program owned by Air Canada, Canada's flag carrier. The Aeroplan program was created in July 1984 by Air Canada as an incentive program for its frequent flyer customers. In 2002 it was spun off as a separate corpo ...
and Air Canada's
regional airline affiliate,
Jazz
Jazz is a music genre that originated in the African-American communities of New Orleans, Louisiana in the late 19th and early 20th centuries, with its roots in blues and ragtime. Since the 1920s Jazz Age, it has been recognized as a major ...
.
After these divestments, ACE retained a 75% stake in Air Canada and a 23% stake in
Air Canada Technical Services.
On May 9, 2012, the company received a certificate of
intent to dissolve, marking the end of any future activities by the company.
The company planned a
wind up and distribution of its assets back to its shareholders by no earlier than mid-2013. While all of the core aviation assets have been disposed of, the corporate website continues to operate until all assets are fully disposed of. The company no longer has a board and executives, with all liquidation being managed by outside party
Ernst & Young
Ernst & Young Global Limited, trade name EY, is a multinational professional services partnership headquartered in London, England. EY is one of the largest professional services networks in the world. Along with Deloitte, KPMG and Pricewaterh ...
. , filings state that ACE Aviation Holdings consisted of only cash and cash equivalents amounting to a total of .
Former operating divisions
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Aeroplan
Aeroplan is a coalition loyalty program owned by Air Canada, Canada's flag carrier. The Aeroplan program was created in July 1984 by Air Canada as an incentive program for its frequent flyer customers. In 2002 it was spun off as a separate corpo ...
– former in-house rewards program sold off and was owned by
Aimia, later acquired by
Air Canada
Air Canada is the flag carrier and the largest airline of Canada by the size and passengers carried. Air Canada maintains its headquarters in the borough of Saint-Laurent, Montreal, Quebec. The airline, founded in 1937, provides scheduled an ...
.
*
Air Canada
Air Canada is the flag carrier and the largest airline of Canada by the size and passengers carried. Air Canada maintains its headquarters in the borough of Saint-Laurent, Montreal, Quebec. The airline, founded in 1937, provides scheduled an ...
– airline sold off
*
Air Canada Cargo – transferred to control under Air Canada
*
Air Canada Ground Handling Services – transferred to Air Canada
*
Jazz Aviation LP
Jazz Aviation LP, commonly shortened to Jazz, is a Canadian regional airline based at Halifax Stanfield International Airport, in Enfield, Nova Scotia, Enfield, Halifax, Nova Scotia, Halifax, Nova Scotia, and is a wholly owned subsidiary of Choru ...
– sold off and now owned by
Chorus Aviation
Chorus Aviation is a Canadian holding company which owns regional airlines Jazz Aviation LP and Voyageur Airways as well as lessor Chorus Aviation Capital.
It was founded in 2006 as Jazz Air Income Fund, when then parent company ACE Aviation ...
and operates as contractor for Air Canada
*
Aveos Fleet Performance Inc. - formerly as Air Canada Technical Services before being renamed in 2008, acquired Air Canada Mechanics in 2011 and ceased operations in 2012 with remaining assets (equipment and Montreal facility) now acquired by
Lockheed Martin Canada
Lockheed Martin Canada is an aerospace and defence contractor, headquartered in Ottawa, Ontario, Canada. It is a wholly owned subsidiary of Lockheed Martin, with over 1200 employees across facilities in Montreal, Quebec, Halifax, Nova Scotia, and V ...
and
AJW Technique.
*
Air Canada Vacations
Air Canada is the flag carrier and the largest airline of Canada by the size and passengers carried. Air Canada maintains its headquarters in the borough of Saint-Laurent, Montreal, Quebec. The airline, founded in 1937, provides scheduled and ...
– transferred to Air Canada
References
Sources
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Notes
{{DEFAULTSORT:Ace Aviation Holdings
Companies formerly listed on the Toronto Stock Exchange
Companies listed on the NEX Exchange
Air Canada
Companies based in Montreal
Canadian companies established in 2004
Airline holding companies of Canada
Holding companies established in 2004