ACE Aviation Holdings

ACE Aviation Holdings Inc.
Public company
Traded as
Industry Airline (NAICS 481000)[1]
Founded 2004 (2004) in Montreal, Quebec
Headquarters 1155 Rene-Levesque West, 40th floor[2], Montreal, Quebec H3B 3V2[2], Canada
Key people
 Robert Milton Chairman, President & CEO[1]
Products Passenger 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]
Website aceaviation.com

ACE Aviation Holdings Inc. is a Canadian holding company that is the former parent company of Air Canada. It is headquartered in Montreal.

History

ACE Aviation Holdings was created as Air Canada emerged from bankruptcy in 2004;[5][6] By the end of 2005, ACE completed restructuring and achieved reduced costs through outsourcing, automation and process simplification.[7] 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.[8]

Among the companies in addition to Air Canada which was taken public after formation of ACE was the frequent flyer program Aeroplan.[9] Aeroplan's initial public offering valued the company at US$2 billion, which was several times the valuation of the airline itself.[9]

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.[10]

In 2008, ACE completed its divestment of Aeroplan and Air Canada's regional airline affiliate, Jazz.[11] After these divestments, ACE retained a 75% stake in Air Canada and a 23% stake in Air Canada Technical Services.[11]

The company planned a wind up and distribute its assets back to its shareholders by no earlier than mid-2013. While most 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 executive with all liquidation being managed by outside party Ernst and Young and ACE Holdings maintains a head office at Tour CIBC in downtown Montreal. As of 2018, the corporate website states that ACE holdings consisted of only cash and short-term instruments amounting to a total of US$132 million in August 2013.[12]

Former operating divisions

References

  1. 1 2 3 4 Plunkett 2007, ACE Aviation Holdings INC.
  2. 1 2 "Get in Touch". ACE Aviation. Retrieved 15 June 2018.
  3. 1 2 Plunkett 2007, Index of Rankings Within Industry Groups, Air Transportation—Major Carriers.
  4. ↑ "Company Profile for ACE Aviation Holdings Inc (CA;ACE.A)". Retrieved 2008-10-06.
  5. ↑ Wexler, Emily (May 2012). "Going Glam At 75". Strategy. Brunico Communications. 23 (5): 40. ISSN 1187-4309 – via Internet Archive.
  6. ↑ Winnick 2009, p. 9.
  7. ↑ Gomez 2016, pp. 41–42.
  8. ↑ "Robert Milton". AGM 2011. IATA. 2012. Archived from the original on 14 March 2012.
  9. 1 2 Zook 2007, p. 75.
  10. ↑ Subcommittee on Aviation 2006, p. 57.
  11. 1 2 "UPDATE 1-ACE sells remaining stakes in Aeroplan, Jazz Air". Reuters. 28 May 2008. Retrieved 15 June 2018.
  12. ↑ "ACE Aviation Holdings Overview". ACE Aviation. Retrieved 15 June 2018.

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). Retrieved 15 June 2018 – via Internet Archive.
  • Gomez, Ana Maria Davila (2016). Crowther, David, ed. Ethics, Psyche and Social Responsibility. Corporate Social Responsibility Series. CRC Press. ISBN 9781317141044. OCLC 1027158217 – via Google Books. 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 – via Google Books.
  • Winnick, Nick, ed. (2009). Economy. Canada. Past, present, future. Calgary, Alberta, Canada: Weigl Educational Publishers. 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.
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