ACE Aviation to wind up by mid-2017 after distributing final $6.7 million cash

MONTREAL – ACE Aviation Holdings, the former parent company of Air Canada, says it expects to wind up its operations in the first half of 2017.

The Montreal-based firm says its only remaining assets, about $6.7 million of cash, should be distributed to shareholders before it dissolves.

It distributed $12 million in June as part of a voluntary liquidation process approved by the Quebec Superior Court in 2012.

Created in 2004 following Air Canada’s emergence from creditor protection, ACE Aviation held the airline’s business units.

Loyalty program Aeroplan (TSX:AIM) was spun off in June 2005, followed by Jazz air service in February 2006 and Air Canada (TSX:AC) in November 2006.

Maintenance and overhaul operations were sold in late 2007.

The moves and sale of assets resulted in the distribution of more than $4.5 billion of proceeds to shareholders.