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ACE Aviation Holdings Inc. is a Canadian holding company that is the former parent company of Air Canada. It is headquartered in Montreal.

ACE Aviation Holdings Inc.
Public company
Traded as
IndustryAirline (NAICS 481000)[1]
Founded2004; 15 years ago (2004) in Montreal, Quebec
Headquarters1155 Rene-Levesque West, 40th floor[2], ,
Canada
Key people
Robert Milton Chairman, President & CEO[1]
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

Contents

HistoryEdit

ACE Aviation Holdings was created as Air Canada emerged from bankruptcy in 2004;[5][6] By the end of 2005, ACE completed restructuring and achieved reduced costs through outsourcing, automation and process simplification.[7] 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.[8]

Among the companies in addition to Air Canada which was taken public after formation of ACE was the frequent flyer program Aeroplan.[9] Aeroplan's initial public offering valued the company at US$2 billion, which was several times the valuation of the airline itself.[9]

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.[10]

In 2008, ACE completed its divestment of Aeroplan and Air Canada's regional airline affiliate, Jazz.[11] After these divestments, ACE retained a 75% stake in Air Canada and a 23% stake in Air Canada Technical Services.[11]

The company planned a wind up and distribute its assets back to its shareholders by no earlier than mid-2013. While most 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 executive with all liquidation being managed by outside party Ernst and Young and ACE Holdings maintains a head office at Tour CIBC in downtown Montreal. As of 2018, the corporate website states that ACE holdings consisted of only cash and short-term instruments amounting to a total of US$132 million in August 2013.[12]

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. ^ Wexler, Emily (May 2012). "Going Glam At 75". Strategy. Brunico Communications. 23 (5): 40. ISSN 1187-4309 – via Internet Archive.
  6. ^ Winnick 2009, p. 9.
  7. ^ Gomez 2016, pp. 41–42.
  8. ^ "Robert Milton". AGM 2011. IATA. 2012. Archived from the original on 14 March 2012.
  9. ^ a b Zook 2007, p. 75.
  10. ^ Subcommittee on Aviation 2006, p. 57.
  11. ^ a b "UPDATE 1-ACE sells remaining stakes in Aeroplan, Jazz Air". Reuters. 28 May 2008. Retrieved 15 June 2018.
  12. ^ "ACE Aviation Holdings Overview". ACE Aviation. Retrieved 15 June 2018.[self-published source]

SourcesEdit