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

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

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

– former in-house rewards program sold off and was owned by Aimia, later acquired by

. *

– 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