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ACE Aviation reports second quarter results

MONTREAL , Aug. 28, 2015 /CNW Telbec/ - ACE Aviation Holdings Inc. (ACE) announced today its results for the second quarter of 2015.

2015 Second Quarter Results

In the second quarter of 2015, ACE recorded a decrease in net assets in liquidation of approximately $115 million as a result of the distribution to the shareholders of ACE in the aggregate amount of $115 million which was paid on June 2, 2015 . Income for the quarter was approximately $24,000 , as a result of interest income earned during the quarter offset by administrative and other expenses.

As at August 28, 2015 , ACE's only remaining assets consist of cash in an aggregate amount of approximately $19 million.

Liquidation Process and Interim Distribution to Shareholders

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, 2015 and the related management's discussion and analysis include a description of proofs of claim which were filed and the status thereof.

Given the results of the claims process and the expiry of a...