|
ACE Aviation Holdings
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] HistoryACE 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
References
Sources
Notes
|
||||||||||||||||||||||||||||
Portal di Ensiklopedia Dunia
