ACE Aviation Holdings explained
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,[3] and was dissolved in 2024.[4]
History
ACE Aviation Holdings was created as Air Canada emerged from bankruptcy in 2004;[5] By the end of 2005, ACE completed restructuring and achieved reduced costs through outsourcing, automation and process simplification. 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.[6]
Among the companies in addition to Air Canada which was taken public after formation of ACE was the frequent flyer program Aeroplan. Aeroplan's initial public offering valued the company at, which was several times the valuation of the airline itself.
In 2005, ACE contributed in equity investment to the merger of America West Holdings and US Airways Group, which resulted in US Airways emerging from its second bankruptcy.
In 2008, ACE completed its divestment of Aeroplan and Air Canada's regional airline affiliate, Jazz.[7] After these divestments, ACE retained a 75% stake in Air Canada and a 23% stake in Air Canada Technical Services.
On May 9, 2012, the company received a certificate of intent to dissolve, marking the end of any future activities by the company.[8]
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., filings state that ACE Aviation Holdings consisted of only cash and cash equivalents amounting to a total of .
On March 15, 2024, the company was dissolved.
Former operating divisions
- Aeroplan – former in-house rewards program sold off and was owned by Aimia, later acquired by Air Canada.
- Air Canada – airline sold off
- Air Canada Cargo – transferred to control under Air Canada
- Air Canada Ground Handling Services – transferred to Air Canada
- Jazz Aviation LP – sold off and now owned by Chorus Aviation and operates as contractor for Air Canada
- Aveos Fleet Performance Inc. - formerly as Air Canada Technical Services before being renamed in 2008, acquired Air Canada Mechanics in 2011 and ceased operations in 2012 with remaining assets (equipment and Montreal facility) now acquired by Lockheed Martin Canada and AJW Technique.[9]
- Air Canada Vacations – transferred to Air Canada
References
Sources
- Reviewing the Department of Transportation's Notice of Proposed Rulemaking That Clarifies the Rules Regarding Foreign Investment in U.S. Air Carriers. Subcommittee on Aviation. Committee on Commerce, Science, and Transportation United States Senate. 9 May 2006. S. HRG. 109-1124. Government Publishing Office . 15 June 2018. Internet Archive.
- Book: Gomez, Ana Maria Davila. Ethics, Psyche and Social Responsibility. CRC Press. 2016. 9781317141044. Crowther. David. Corporate Social Responsibility Series. 1027158217. The firm was restructured into ACE Aviation Holdings, starting as of April 1 2003 after 18 months under CCAA creditor protection.....
- Book: Plunkett's Airline, Hotel & Travel Industry Almanac 2008. Plunkett Research, Ltd.. 2007. 9781593920937. Plunkett. Jack W.. Plunkett's Airline, Hotel & Travel Industry Almanac. Houston, Texas. 884012692.
- Book: Economy. Weigl Educational Publishers Limited. 2009. Winnick. Nick. Canada. Past, present, future.. Calgary, Alberta, Canada. 1040000402. Canada's largest airline, Air Canada, filed for bankruptcy protection in 2003. .... After 18 months, Air Canada emerged from bankruptcy protection, under the new ownership of ACE Aviation Holdings.. registration. Internet Archive.
- Book: Zook, Chris. unstoppable: Finding Hidden Assets to Renew the Core and Fuel Profitable Growth. Harvard Business School Press. 2007. 978-1-4221-0366-1. Boston. 939112546. Chris Zook. registration.
Notes
Notes and References
- Web site: Get in Touch . ACE Aviation . . . 15 June 2018 .
- Web site: Company Profile for ACE Aviation Holdings Inc (CA;ACE.A) . https://web.archive.org/web/20110718152924/http://zenobank.com/index.php?symbol=CA;ACE.A&page=quotesearch . dead . 2011-07-18 . 2008-10-06.
- Web site: ACE Aviation Reports 2019 Annual Results. 2020-04-29. ACE Aviation. 16 May 2020.
- Web site: Ace Aviation announces completion of final distribution, dissolution and delisting of common shares. 2024-03-20 . www.newswire.ca . en.
- Wexler. Emily. May 2012. Going Glam At 75. Strategy. Brunico Communications. 23. 5. 40. 1187-4309. Internet Archive.
- Web site: Robert Milton. . 2012. AGM 2011. IATA. https://web.archive.org/web/20120314054708/http://www.iata.org/events/agm/2011/Pages/ceoforum-robertmilton.aspx. 14 March 2012.
- News: UPDATE 1-ACE sells remaining stakes in Aeroplan, Jazz Air. . 28 May 2008. 15 June 2018. Reuters.
- Web site: Federal Corporation Information - 445736-6 - Online Filing Centre - Corporations Canada - Corporations - Innovation, Science and Economic Development Canada. www.ic.gc.ca. 2020-01-29.
- Web site: A J Walter Aviation buys the component repair business of Aveos.
