MONTRÉAL, Aug. 29, 2017 /CNW Telbec/ – ACE Aviation Holdings Inc. (ACE) announced today its results for the second quarter of 2017.
2017 Second Quarter Results
In the second quarter of 2017, ACE recorded a decrease in net assets in liquidation of approximately $71,000 as a result of administrative and other expenses in excess of interest income earned during the quarter.
As at August 28, 2017, ACE’s only remaining assets consist of cash in an aggregate amount of approximately $6.6 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 (Commercial Division) (the “Court“) issued an order appointing Ernst & Young Inc. as liquidator of ACE (the “Liquidator“).
Pursuant to an order issued by the Court on February 25, 2013, the Liquidator established a process for the identification, resolution and barring of claims and other contingent liabilities against ACE. Creditors had until May 13, 2013 to file their proof of claims, failing which their claims would be barred and extinguished. The interim consolidated financial statements of ACE for the second quarter ended June 30, 2017 and the related management’s discussion and analysis include a description of proofs of claim which were filed and the status thereof. All of the remaining contingent obligations which were the object of proofs of claims filed in connection with such claims process have expired at the beginning of 2016.
Liquidation and Dissolution Process and Final Distribution to Shareholders
ACE’s only remaining assets as at August 28, 2017 consist of cash in an aggregate amount of approximately $6.6 million.
ACE is completing the remaining corporate, administrative and tax processes to facilitate its dissolution and the final distribution of the remaining cash of ACE prior to its dissolution. ACE currently expects that the final distribution to shareholders and the dissolution of ACE will occur by the end of 2017.
The final distribution to shareholders, the cancellation of the shares of ACE and the dissolution of ACE will not occur until all necessary corporate, administrative and tax measures to dissolve ACE are completed and until the settlement of any remaining contingencies that may arise in connection with the remaining liquidation and dissolution steps of ACE. There is no certainty as to the timing or amount of such final distribution and…