Promontoria statement re: ACE Aviation Holdings Inc.



    MONTREAL, Jan. 23 /CNW/ - Promontoria Holding III B.V. ("Promontoria"),
an affiliate of Cerberus Capital Management, L.P., announced today announced
that it has sold 3,250,000 Preferred Shares of ACE Aviation Holdings Inc.
("ACE").
    As a result of the sale of 3,250,000 Preferred Shares of ACE, Promontoria
now holds 6,550,000 Preferred Shares, which constitute approximately 52
percent of the issued and outstanding Preferred Shares of ACE. Promontoria's
investment in these ACE Preferred Shares will be reviewed on a continuing
basis and its holdings may be increased or decreased in the future.





For further information:

For further information: or to obtain a copy of the report that will be
filed with applicable securities regulators in connection with this press
release, please contact: Richard C. Auletta, President, R.C. Auletta & Co., 59
E. 54th Street, New York, NY, 10022, (212) 355-0400 (phone), (212) 355-0835
(fax) or rca@auletta.com

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PROMONTORIA HOLDING III B.V.

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