ACE Aviation Holdings Inc. was a Canadian holding company that was the former parent company of Air Canada. It was headquartered in Montreal. In 2012, the company signified its intent to dissolve,[5] and was dissolved in 2024.[6]
History
ACE Aviation Holdings was created as Air Canada emerged from bankruptcy in 2004;[7][8] By the end of 2005, ACE completed restructuring and achieved reduced costs through outsourcing, automation and process simplification.[9] 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.[10]
Among the companies in addition to Air Canada which was taken public after formation of ACE was the frequent flyer programAeroplan.[11] Aeroplan's initial public offering valued the company at US$2 billion, which was several times the valuation of the airline itself.[11]
On May 9, 2012, the company received a certificate of intent to dissolve, marking the end of any future activities by the company.[14]
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. As of 31 December 2019[update], filings state that ACE Aviation Holdings consisted of only cash and cash equivalents amounting to a total of CA$6,7 million.[5]
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.[15]
Gomez, Ana Maria Davila (2016). Crowther, David (ed.). Ethics, Psyche and Social Responsibility. Corporate Social Responsibility Series. CRC Press. ISBN9781317141044. OCLC1027158217. The firm was restructured into ACE Aviation Holdings, starting as of April 1st 2003 after 18 months under CCAA creditor protection....
Plunkett, Jack W., ed. (2007). Plunkett's Airline, Hotel & Travel Industry Almanac 2008. Houston, Texas: Plunkett Research, Ltd. ISBN9781593920937. OCLC884012692.
Winnick, Nick, ed. (2009). Economy. Canada. Past, present, future. Calgary, Alberta, Canada: Weigl Educational Publishers Limited. OCLC1040000402 – via Internet Archive. Canada's largest airline, Air Canada, filed for bankruptcy protection in 2003. .... After 18 months, Air Canada emerged from bankruptcy protection, under the new ownership of ACE Aviation Holdings.
