ACE Aviation reports first quarter results and provides an update on its liquidation process

 ACE Aviation reports first quarter results and provides an update on its  liquidation process  MONTREAL, May 29, 2014 /CNW Telbec/ - ACE Aviation Holdings Inc. (ACE)  announced today its results for the first quarter of 2014, and provided an  update with respect to its liquidation process.  2014 First Quarter Results  In the first quarter of 2014, ACE recorded an increase in net assets in  liquidation of $0.2 million due to interest income earned during the quarter  offset by administrative and other expenses.  As at May 29, 2014, ACE's only remaining assets consist of cash and short-term  investments in an aggregate amount of approximately $133 million.  Liquidation Process  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 had until May 13, 2013  to file their proof of claims, failing which their claims would be barred and  extinguished. The interim unaudited consolidated financial statements of ACE  for the three months ended March 31, 2014 and the related management's  discussion and analysis include a description of proofs of claim which were  filed and the current status of such claims and the liquidation process. The  Liquidator will not proceed with any further distributions to shareholders  pending satisfactory resolution of the ongoing liquidation matters described  in the interim unaudited consolidated financial statements and any other  contingencies that may arise during the course of the liquidation process.  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  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  May 20, 2014 confirming that no annual shareholder meeting will be held in  2014 with respect to the financial year ended December 31, 2013. 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, the unaudited interim  consolidated financial statements and related management's discussion and  analysis for the three months ended March 31, 2014 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, 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 2013 Annual MD&A dated April 25, 2014. 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, Internet:  www.aceaviation.com  To view this news release in HTML formatting, please use the following URL:  http://www.newswire.ca/en/releases/archive/May2014/29/c3915.html  CO: ACE Aviation Holdings Inc. NI: AIR LEI ERN LAW VERDICTS LAWVIEWS  
Press spacebar to pause and continue. Press esc to stop.