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ACE Aviation Holdings

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ACE Aviation Holdings Inc.
Company typePublic company
IndustryAirline (NAICS 481000)[1]
Founded2004; 20 years ago (2004) in Montreal, Quebec
DefunctMarch 15, 2024 (2024-03-15)
FateDissolved
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

ACE Aviation Holdings Inc. was a Canadian holding company that was the former parent company of Air Canada. It was headquartered in Montreal. In 2012, the company signified its intent to dissolve,[5] and was dissolved in 2024.[6]

History

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ACE Aviation Holdings was created as Air Canada emerged from bankruptcy in 2004;[7][8] By the end of 2005, ACE completed restructuring and achieved reduced costs through outsourcing, automation and process simplification.[9] 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.[10]

Among the companies in addition to Air Canada which was taken public after formation of ACE was the frequent flyer program Aeroplan.[11] Aeroplan's initial public offering valued the company at US$2 billion, which was several times the valuation of the airline itself.[11]

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.[12]

In 2008, ACE completed its divestment of Aeroplan and Air Canada's regional airline affiliate, Jazz.[13] After these divestments, ACE retained a 75% stake in Air Canada and a 23% stake in Air Canada Technical Services.[13]

On May 9, 2012, the company received a certificate of intent to dissolve, marking the end of any future activities by the company.[14]

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]

On March 15, 2024, the company was dissolved.[6]

Former operating divisions

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References

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  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)". Archived from the original on 2011-07-18. Retrieved 2008-10-06.
  5. ^ a b "ACE Aviation Reports 2019 Annual Results". ACE Aviation. 2020-04-29. Retrieved 16 May 2020.
  6. ^ a b "Ace Aviation announces completion of final distribution, dissolution and delisting of common shares". www.newswire.ca. Retrieved 2024-03-20.
  7. ^ Wexler, Emily (May 2012). "Going Glam At 75". Strategy. 23 (5). Brunico Communications: 40. ISSN 1187-4309 – via Internet Archive.
  8. ^ Winnick 2009, p. 9.
  9. ^ Gomez 2016, pp. 41–42.
  10. ^ "Robert Milton". AGM 2011. IATA. 2012. Archived from the original on 14 March 2012.
  11. ^ a b Zook 2007, p. 75.
  12. ^ Subcommittee on Aviation 2006, p. 57.
  13. ^ a b "UPDATE 1-ACE sells remaining stakes in Aeroplan, Jazz Air". Reuters. 28 May 2008. Retrieved 15 June 2018.
  14. ^ "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.
  15. ^ "A J Walter Aviation buys the component repair business of Aveos".

Sources

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Notes

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