ACE Aviation provides an update with respect to its liquidation process

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 [phone] or 416-943-4444) or by fax [phone]).

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 securities regulations.

SOURCE: ACE AVIATION HOLDINGS INC.

David Saldanha, Ernst & Young Inc.  [phone]

Internet: www.aceaviation.com