ACE Aviation posts Q3 results

In the third quarter of 2015, ACE Aviation recorded a decrease in net assets in liquidation of approximately $39,000 as a result of administrative and other expenses, offset by interest income earned during the quarter.

As of Nov. 24, 2015, ACE's only remaining assets consist of cash in an aggregate amount of approximately $19 million.

On June 28, 2012, 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 issued an order appointing Ernst & Young Inc. as liquidator of ACE.

Given the results of the claims process and the expiry of a significant portion of the contingent obligations covered by proofs of claims filed in such process, the liquidator announced on April 28, 2015 that it intended to seek Court approval for a distribution to shareholders of ACE in the aggregate amount of $115 million, or approximately $3.54 per common share of ACE. The Court approved such distribution at a hearing held on May 8, 2015. The record date to determine shareholders entitled to receive the distribution was May 26, 2015 and the payment of the distribution was completed on June 2, 2015.

Future distributions of ACE's remaining net cash to its shareholders are subject to the expiration or settlement of any contingencies and the approval by the Court of any 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, said a release from ACE.

The distribution paid on June 2, 2015 was, and any additional distributions will be, designated as eligible dividends for the purposes of the Income Tax Act.

Additional information with respect to the liquidation of ACE is available at www.sedar.com and www.aceaviation.com.