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The Globe and Mail

ACE Aviation’s assets down to $104-million as liquidation progresses

An Air Canada plane lands at the Calgary International Airport.


ACE Aviation Holdings Inc., which is being liquidated under a voluntary, court-supervised process, says it had $104-million or $3.20 per share of net assets remaining at the end of the second quarter.

That included $74-million of cash, 31 million shares of Air Canada – with a market value of $30-million on June 30.

Air Canada's A shares closed at $1.04 of Friday and its more widely traded B shares were two cents higher at $1.06.

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ACE expects to delist its shares from the Toronto Stock Exchange in September and list them on the NEX board of the TSX Venture Exchange.

ACE said Monday it doesn't expect the final distribution to its shareholders will occur earlier than the middle of 2013.

During the second quarter, ACE distributed $275-million of its assets on June 8.

The liquidation is being handled by Ernst & Young under the supervision of the Superior Court of Quebec.

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