ACE Aviation announces the appointment of Ernst & Young Inc. as liquidator and the resignation of all of the directors and officers

MONTREAL, June 28, 2012 /CNW Telbec/ - ACE Aviation Holdings Inc. (ACE) announced today that, further to the approval by its shareholders on April 25, 2012 of a special resolution providing for the voluntary liquidation of ACE, the Québec Superior Court - Commercial Division (the "Court") has issued today an order appointing Ernst & Young Inc. as liquidator of ACE. Effective as of today, all of the directors and officers of ACE have resigned from their positions and the liquidator is vested with the powers of the directors of ACE.

Under the supervision of the Court, the liquidator will establish a process for the identification, resolution and barring of claims and other contingent liabilities against ACE. The liquidator will also proceed with the distribution of ACE's remaining net cash to its shareholders, after providing for outstanding liabilities, contingencies and costs of the liquidation. The final distribution to shareholders and the cancellation of the shares of ACE will not occur earlier than mid-year 2013 in order to allow that any remaining contingent liabilities be settled or otherwise provided for.

Until an application is made and an order is issued by the Canadian securities regulatory authorities deeming ACE to no longer be a "reporting issuer", ACE will continue to be subject to ongoing disclosure and other obligations as a reporting issuer under applicable securities legislation in Canada. As a result, further information relating to the liquidation will be provided in subsequent press releases and other documents filed at www.sedar.com. In addition, the liquidator may post materials relevant to ACE's liquidation on ACE's website at www.aceaviation.com. It is intended that, after the cancellation of the common shares, ACE will apply to the Canadian securities regulatory authorities for an order deeming ACE to no longer be a reporting issuer.

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 common shares, and the steps and actions to be taken by the liquidator. 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 2011 Annual MD&A and First Quarter 2012 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.

For further information:

Contact: David Saldanha, Ernst & Young Inc. (416) 943-4444

Internet: www.aceaviation.com

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ACE AVIATION HOLDINGS INC.

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