ACE Aviation reports full year results and provides an update on its liquidation process

ACE Aviation reports full year results and provides an update on its 
liquidation process 
MONTREAL, April 30, 2013 /CNW Telbec/ - ACE Aviation Holdings Inc. (ACE) today 
reported full year results for 2012, and provided an update with respect to 
its liquidation process. 
2012 Annual Results 
For 2012, ACE recorded a reduction in net assets in liquidation of $250 
million. This reduction was primarily due to the distribution to shareholders 
of $275 million which was paid in the second quarter of 2012. The distribution 
was partly offset by an increase in the market value of ACE's investment in 
Air Canada prior to its disposition on November 13, 2012 for net proceeds of 
$58 million. 
As at April 29, 2013, ACE's only remaining assets consist of cash and 
short-term investments in an aggregate amount of approximately $132 million. 
Liquidation Process 
In March 2010, ACE applied for Certificates of Discharge from the Canada 
Revenue Agency ("CRA") and Revenu Quebec. On March 7, 2012, a tax clearance 
certificate was issued by the CRA in connection with all taxation years ended 
on or prior to December 31, 2010. On March 12, 2012, Revenu Québec issued an 
equivalent certificate. 
ACE has agreed to indemnify and hold harmless Air Canada and Aveos from loss 
should Input Tax Credit claims by Air Canada and Aveos amounting to $40 
million and $1 million respectively, be reassessed in the future. These 
agreements follow related tax reassessments received and paid by ACE as part 
of the tax audits referred to above. 
On June 28, 2012, further to the approval by ACE shareholders on April 25, 
2012 of a special resolution providing for the voluntary liquidation of ACE, 
the Superior Court of Québec (Commercial Division) (the "Court") issued an 
order appointing Ernst & Young Inc. as liquidator of ACE (the "Liquidator"). 
Pursuant to an order issued by the Court on February 25, 2013, the Liquidator 
established a process for the identification, resolution and barring of claims 
and other contingent liabilities against ACE. Creditors have until May 13, 
2013 to file their proof of claims, failing which their claims will be barred 
and extinguished. A copy of the Court order is available on the Liquidator's 
website at 
Following the completion of such process, the review of any claims and the 
provision for or settlement of any contingencies, the Liquidator will proceed 
with the distribution of ACE's remaining net cash to its shareholders. The 
final distribution to shareholders and the cancellation of the shares of ACE 
will not occur until all remaining contingent liabilities are settled or 
otherwise provided for. 
As previously announced, effective as of June 28, 2012, all of the directors 
and officers of ACE resigned from their positions and the Liquidator was 
vested with the powers of the directors and the shareholders of ACE in 
accordance with the Canada Business Corporations Act and the Court order 
issued on June 28, 2012. Accordingly, ACE obtained an order from the Court 
on April 19, 2013 confirming that no annual shareholder meeting will be held 
in 2013 with respect to the financial year ended December 31, 2012. 
Shareholders who have questions or require additional information with respect 
to ACE and the liquidation process may contact the Liquidator by telephone 
(1-855-279-8388 or 416-943-4444) or by fax (1-416-943-3300). 
For additional information with respect to the liquidation of ACE, refer to 
the management proxy circular dated March 9, 2012 and the other public filings 
of ACE which are available at and 
Certain statements in this news release may contain forward-looking 
statements. Forward-looking statements may relate to analyses and other 
information that are based on forecasts of future results and estimates of 
amounts not yet determinable. These statements may involve, but are not 
limited to, comments relating to strategies, expectations, planned operations, 
future actions, the timing of the liquidation, the final distribution to 
shareholders and the cancellation of the shares of ACE. These forward-looking 
statements are identified by the use of terms and phrases such as 
"anticipate", "believe", "could", "estimate", "expect", "intend", "may", 
"plan", "predict", "project", "will", "would", and similar terms and phrases, 
including references to assumptions. Forward-looking statements, by their 
nature, are based on assumptions and are subject to important risks and 
uncertainties. Any forecasts or forward-looking predictions or statements 
cannot be relied upon due to, amongst other things, changing external events 
and general uncertainties of the business. Actual results may differ 
materially from results indicated in forward-looking statements due to a 
number of factors, including without limitation, market, regulatory 
developments or proceedings, and actions by third parties as well as the 
factors identified throughout ACE's filings with securities regulators in 
Canada and, in particular, those identified in the Risk Factors section of 
ACE's 2012 Annual MD&A dated April 29, 2013. If ACE does not proceed with the 
winding-up in a timely manner, ACE will continue to incur operating costs and 
fees. The forward-looking statements contained in this news release represent 
ACE's expectations as of the date they are made, and are subject to change 
after such date. However, ACE disclaims any intention or obligation to update 
or revise any forward-looking statements whether as a result of new 
information, future events or otherwise, except as required under applicable 
securities regulations. 
David Saldanha, Ernst & Young Inc. (416) 943-4444 
To view this news release in HTML formatting, please use the following URL: 
ST: Quebec
-0- Apr/30/2013 10:00 GMT
Press spacebar to pause and continue. Press esc to stop.