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 liquidation
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.
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
SOURCE: ACE Aviation Holdings Inc.
For further information:
David Saldanha, Ernst & Young Inc.