MONTREAL, Nov. 28, 2013 /CNW Telbec/ - ACE Aviation Holdings Inc. (ACE)
announced today its results for the third quarter of 2013.
In the third quarter of 2013, ACE recorded an increase in net assets in
liquidation of $0.3 million due to interest income earned during the quarter
offset by administrative and other expenses.
As at November 28, 2013, ACE's only remaining assets consist of cash and
short-term investments in an aggregate amount of $132 million.
As previously disclosed, 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"). Effective as of June 28, 2012, all of the directors and
officers of ACE have resigned from their positions and the Liquidator was
vested with the powers of the directors of ACE.
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 had until May 13, 2013
to file their proof of claims, failing which their claims would be barred and
extinguished. The interim financial statements of ACE for the third quarter of
2013 and the related management's discussion and analysis include a
description of the proof of claims filed and certain other potential
contingencies of ACE. The Liquidator will not proceed with any further
distributions to shareholders pending satisfactory resolution of these matters
and any other contingencies that may arise during the course of the
Future distributions of ACE's remaining net cash to its shareholders are
subject to the expiration or settlement of any contingencies and there is no
certainty as to the timing or amount of such distributions. 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
For additional information with respect to the liquidation of ACE, refer to
the management proxy circular dated March 9, 2012, the interim financial
statements and related management's discussion and analysis for the third
quarter ended on September 30, 2013 and the other public filings of ACE which
are available at www.sedar.com and www.aceaviation.com.
CAUTION REGARDING FORWARD-LOOKING INFORMATION
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 and distributions to
shareholders, the potential amount of ACE's contingencies and liabilities, 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 litigation 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 and Third Quarter 2013 MD&A. 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.
SOURCE ACE Aviation Holdings Inc.
David Saldanha, Ernst & Young Inc. (416) 943-4444
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-0- Nov/28/2013 11:00 GMT
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