Aug 26, 2014
ACE Aviation updates liquidation process
Montréal, QC – In the second quarter of 2014, ACE recorded an increase in net assets in liquidation of $0.2 million due to interest income earned during the quarter offset by administrative and other expenses. ACE's only remaining assets consist of cash and short-term investments in an aggregate amount of approximately $133 million.
Pursuant to an order issued by the court on February 25, 2013, the Liquidator (Ernst & Young Inc.) established a process for the identification, resolution and barring of claims and other contingent liabilities against ACE. Creditors had until May 13, 2013 to file their proof of claims, failing which their claims would be barred and extinguished. The interim unaudited consolidated financial statements of ACE for the three and six months ended June 30, 2014 and the related management's discussion and analysis include a description of proofs of claim which were filed and the current status of such claims and the liquidation process. The Liquidator will not proceed with any further distributions to shareholders until after presentation to the Court of the status of the liquidation matters described in the interim unaudited consolidated financial statements and eventual approval by the Court of any such further distributions.
Future distributions of ACE's remaining net cash to its shareholders are subject to the expiration or settlement of any contingencies and there is no certainty as to the timing or amount of such distributions. The final distribution to shareholders and the cancellation of the shares of ACE will not occur until all remaining contingent liabilities are settled or otherwise provided for.