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 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 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: 
To view this news release in HTML formatting, please use the following URL: 
CO: ACE Aviation Holdings Inc.
-0- May/29/2014 10:00 GMT
Press spacebar to pause and continue. Press esc to stop.