ACE Aviation Holdings: Difference between revisions
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'''ACE Aviation Holdings Inc.''' |
'''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 [[Dissolution (law)|intent to dissolve]]<ref name="ACE">{{Cite web |url=http://www.sedar.com/GetFile.do?lang=EN&docClass=8&issuerNo=00020954&issuerType=03&projectNo=03050543&docId=4711562|title=ACE Aviation Reports 2019 Annual Results|date=2020-04-29|publisher=ACE Aviation|access-date=16 May 2020}}</ref>, and was dissolved in 2024<ref name="dissolve">{{Cite web |title=Ace Aviation announces completion of final distribution, dissolution and delisting of common shares|url=https://www.newswire.ca/news-releases/ace-aviation-announces-completion-of-final-distribution-dissolution-and-delisting-of-common-shares-823069067.html |access-date=2024-03-20 |website=www.newswire.ca |language=en}}</ref>. |
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==History== |
==History== |
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The company planned a [[Liquidation|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|2019|12|31}}, filings state that ACE Aviation Holdings consisted of only cash and cash equivalents amounting to a total of {{CA$|6,7 million}}.<ref name="ACE" /> |
The company planned a [[Liquidation|wind up]] and distribution of its assets back to its shareholders by no earlier than mid-2013. While all of the core aviation assets have been disposed of, the corporate website continues to operate until all assets are fully disposed of. The company no longer has a board and executives, with all liquidation being managed by outside party [[Ernst & Young]]. {{As of|2019|12|31}}, filings state that ACE Aviation Holdings consisted of only cash and cash equivalents amounting to a total of {{CA$|6,7 million}}.<ref name="ACE" /> |
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On March 15, 2024, the company was dissolved.<ref name="dissolve" /> |
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==Former operating divisions== |
==Former operating divisions== |
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Revision as of 01:20, 20 March 2024
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| Company type | Public company |
|---|---|
| Industry | Airline (NAICS 481000)[1] |
| Founded | 2004 in Montreal, Quebec |
| Headquarters | 1155 Rene-Levesque West, 40th floor[2], , Canada |
Key people | Robert Milton Chairman, President & CEO[1](Until 2012) |
| Products | Passenger air & Cargo travel |
| Revenue | |
Number of employees | 33,090 (2008)[4] |
| Website | aceaviation.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
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[update], 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
- 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.[15]
- Air Canada Vacations – transferred to Air Canada
References
- ^ a b c d Plunkett 2007, ACE Aviation Holdings INC.
- ^ a b "Get in Touch". ACE Aviation. Retrieved 15 June 2018.[self-published source]
- ^ a b Plunkett 2007, Index of Rankings Within Industry Groups, Air Transportation—Major Carriers.
- ^ "Company Profile for ACE Aviation Holdings Inc (CA;ACE.A)". Archived from the original on 2011-07-18. Retrieved 2008-10-06.
- ^ a b "ACE Aviation Reports 2019 Annual Results". ACE Aviation. 2020-04-29. Retrieved 16 May 2020.
- ^ a b "Ace Aviation announces completion of final distribution, dissolution and delisting of common shares". www.newswire.ca. Retrieved 2024-03-20.
- ^ Wexler, Emily (May 2012). "Going Glam At 75". Strategy. 23 (5). Brunico Communications: 40. ISSN 1187-4309 – via Internet Archive.
- ^ Winnick 2009, p. 9.
- ^ Gomez 2016, pp. 41–42.
- ^ "Robert Milton". AGM 2011. IATA. 2012. Archived from the original on 14 March 2012.
- ^ a b Zook 2007, p. 75.
- ^ Subcommittee on Aviation 2006, p. 57.
- ^ a b "UPDATE 1-ACE sells remaining stakes in Aeroplan, Jazz Air". Reuters. 28 May 2008. Retrieved 15 June 2018.
- ^ "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.
- ^ "A J Walter Aviation buys the component repair business of Aveos".
Sources
- Subcommittee on Aviation, Committee on Commerce, Science, and Transportation United States Senate (9 May 2006). Reviewing the Department of Transportation's Notice of Proposed Rulemaking That Clarifies the Rules Regarding Foreign Investment in U.S. Air Carriers (Report). Government Publishing Office. Retrieved 15 June 2018 – via Internet Archive.
{{cite report}}: CS1 maint: multiple names: authors list (link) - Gomez, Ana Maria Davila (2016). Crowther, David (ed.). Ethics, Psyche and Social Responsibility. Corporate Social Responsibility Series. CRC Press. ISBN 9781317141044. OCLC 1027158217.
The firm was restructured into ACE Aviation Holdings, starting as of April 1st 2003 after 18 months under CCAA creditor protection....
- Plunkett, Jack W., ed. (2007). Plunkett's Airline, Hotel & Travel Industry Almanac 2008. Plunkett's Airline, Hotel & Travel Industry Almanac. Houston, Texas: Plunkett Research, Ltd. ISBN 9781593920937. OCLC 884012692.
- Winnick, Nick, ed. (2009). Economy. Canada. Past, present, future. Calgary, Alberta, Canada: Weigl Educational Publishers Limited. OCLC 1040000402 – via Internet Archive.
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.
- Zook, Chris (2007). unstoppable: Finding Hidden Assets to Renew the Core and Fuel Profitable Growth. Boston: Harvard Business School Press. ISBN 978-1-4221-0366-1. OCLC 939112546.
Notes
- ^ The company has been moved to the NEX board of the TSX Venture Exchange. These are former trading symbols.
