MONTREAL, April 10, 2013 /CNW Telbec/ - ACE Aviation Holdings Inc. ("ACE") provided today an update with respect to its liquidation process.
Pursuant to an order issued by the Superior Court of Québec (Commercial
Division) (the "Court"), Ernst & Young Inc. as liquidator of ACE (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 www.ey.com/ca/aceaviation.
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 does
not plan to hold an annual shareholder meeting in 2013 with respect to
the financial year ended December 31, 2012. ACE will seek confirmation
from the Court that no such shareholder meeting shall be held and the
Liquidator will post a copy of the relevant application to the Court
and notice of the hearing date on its website at www.ey.com/ca/aceaviation at least 7 days in advance of the hearing date. ACE currently expects
that the Court hearing will be held on or about April 19, 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
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 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 2011 Annual MD&A and Third 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
SOURCE: ACE AVIATION HOLDINGS INC.
For further information:
David Saldanha, Ernst & Young Inc. (416) 943-4444