ACE Aviation Holdings

ACE Aviation Holdings Inc. is a Canadian holding company that is the former parent company of Air Canada. It is headquartered in Montreal. In 2012, the company signified its intent to dissolve, but is still undergoing liquidation as of 2020.[5]

ACE Aviation Holdings Inc.
Public company
Traded as
IndustryAirline (NAICS 481000)[1]
Founded2004; 16 years ago (2004) in Montreal, Quebec
Headquarters1155 Rene-Levesque West, 40th floor[2], ,
Canada
Key people
Robert Milton Chairman, President & CEO[1](Until 2012)
ProductsPassenger Air & Cargo Travel
Revenue
  • IncreaseUS$10.135 billion (2006)[3] (CA$13.359 billion)
  • IncreaseUS$9.438 billion (2005)[1] (CA$12.452 billion)
  • IncreaseUS$0.392 billion (2006) [3] (CA$0.517 billion)
  • IncreaseUS$0.251 billion (2005) [1] (CA$0.331 billion)
Number of employees
33,090 (2008)[4]
Websiteaceaviation.com

HistoryEdit

ACE Aviation Holdings was created as Air Canada emerged from bankruptcy in 2004;[6][7] By the end of 2005, ACE completed restructuring and achieved reduced costs through outsourcing, automation and process simplification.[8] One of the more significant changes was the merging of its six small airlines into Air Canada and Air Canada Jazz. ACE was not only a solution to Air Canada's bankruptcy, but also a strategic move by Robert Milton to create a portfolio of independent air transportation services companies out of what was Air Canada.[9]

Among the companies in addition to Air Canada which was taken public after formation of ACE was the frequent flyer program Aeroplan.[10] Aeroplan's initial public offering valued the company at US$2 billion, which was several times the valuation of the airline itself.[10]

In 2005, ACE contributed US$75 million in equity investment to the merger of America West Holdings and US Airways Group, which resulted in US Airways emerging from its second bankruptcy.[11]

In 2008, ACE completed its divestment of Aeroplan and Air Canada's regional airline affiliate, Jazz.[12] After these divestments, ACE retained a 75% stake in Air Canada and a 23% stake in Air Canada Technical Services.[12]

On May 9, 2012, the company received a certificate of intent to dissolve, marking the end of any future activities by the company.[13]

The company planned a wind up and distribution of its assets back to its shareholders by no earlier than mid-2013. While all of the core aviation assets have been disposed of the corporate website continues to operate until all assets are fully disposed of. The company no longer has a board and executives, with all liquidation being managed by outside party Ernst & Young. As of 31 December 2019, filings state that ACE Aviation Holdings consisted of only cash and cash equivalents amounting to a total of CA$6,7 million.[5]

Former operating divisionsEdit

ReferencesEdit

  1. ^ a b c d Plunkett 2007, ACE Aviation Holdings INC.
  2. ^ a b "Get in Touch". ACE Aviation. Retrieved 15 June 2018.[self-published source]
  3. ^ a b Plunkett 2007, Index of Rankings Within Industry Groups, Air Transportation—Major Carriers.
  4. ^ "Company Profile for ACE Aviation Holdings Inc (CA;ACE.A)". Retrieved 2008-10-06.[permanent dead link]
  5. ^ a b "ACE Aviation Reports 2019 Annual Results". ACE Aviation. 2020-04-29. Retrieved 16 May 2020.
  6. ^ Wexler, Emily (May 2012). "Going Glam At 75". Strategy. Brunico Communications. 23 (5): 40. ISSN 1187-4309 – via Internet Archive.
  7. ^ Winnick 2009, p. 9.
  8. ^ Gomez 2016, pp. 41–42.
  9. ^ "Robert Milton". AGM 2011. IATA. 2012. Archived from the original on 14 March 2012.
  10. ^ a b Zook 2007, p. 75.
  11. ^ Subcommittee on Aviation 2006, p. 57.
  12. ^ a b "UPDATE 1-ACE sells remaining stakes in Aeroplan, Jazz Air". Reuters. 28 May 2008. Retrieved 15 June 2018.
  13. ^ "Federal Corporation Information - 445736-6 - Online Filing Centre - Corporations Canada - Corporations - Innovation, Science and Economic Development Canada". www.ic.gc.ca. Retrieved 2020-01-29.
  14. ^ https://www.aeromontreal.ca/j-walter-aviation-buys-component-repair-business-aveos.html

SourcesEdit

NotesEdit

  1. ^ The company has been moved to the NEX board of the TSX Venture Exchange. These are former trading symbols.