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 second-most populous city in Canada and most populous city in the Canadian province of Quebec. Founded in 1642 as '' Ville-Marie'', or "City of Mary", it is named after Mount Royal, the triple- ...

. 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 debto ...

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. 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 Aeroplan. 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 and Air Canada's

regional airline A regional airline is a general classification of airline which typically operates scheduled passenger air service, using regional aircraft, between communities lacking sufficient demand or infrastructure to attract mainline flights. In North ...

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 m ...

. 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 Pricewat ...

. , filings state that ACE Aviation Holdings consisted of only cash and cash equivalents amounting to a total of .

Former operating divisions

* Aeroplan – former in-house rewards program sold off and was owned by

Aimia Aimia is an investment holding company with a focus on long-term investments in public and private companies, on a global basis, through controlling or minority stakes, and is based in Montreal, Quebec, Canada. It is publicly listed on the Toront ...

, 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 – 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 and

AJW Technique AJW may refer to: ; Initialism * AJW Motorcycles (1928–1981), a British motorcycle manufacturer * All Japan Women's Pro-Wrestling (1968–2005), a Japanese promotion * ''Asia & Japan Watch'', English-language edition of ''Asahi Shimbun'' ; Nickn ...

. *

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 ...

– 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