November 28, 2012
ACE Aviation reports third quarter results
ACE Aviation Holdings released third quarter results for 2012. In the third quarter of 2012, ACE recorded an increase in net assets in liquidation of $8m. This increase is primarily due to the increase in the market value of the shares of Air Canada held by ACE as at the end of the third quarter of 2012. As at September 30, 2012, ACE’s net assets, which included cash and short term investments as well as certain investments in Air Canada, amounted to $112m. On November 14, 2012, ACE announced that it had sold all of its shares and warrants in the capital of Air Canada for total net proceeds of $58m. As a result, as at November 27, 2012, ACE’s only remaining assets consist of cash and short-term investments in an aggregate amount of $132m.