ACE Aviation Holdings Inc. plans to seek court approval for a distribution to shareholders of $115-million.
The Montreal-based former parent of Air Canada, currently in liquidation proceedings, said on Tuesday it anticipates a court hearing on or about May 8.
ACE said that for 2014 it posted an increase in net assets in liquidation of about $900,000, primarily due to interest income earned during the year offset by administration and other expenses.
The company's only remaining assets as at April 27 are cash and short-term investments valued at about $133.8-million, it said.
Distributions to shareholders are commonly treated as dividends from a tax point of view, ACE said.
ACE was created in 2004 after Air Canada emerged from bankruptcy protection.
It gradually spun off stakes in the airline and sold interests in regional carrier Jazz Air, loyalty program Aeroplan and an aircraft maintenance unit.
The company's net assets in early 2012 were $384-million or $11.83 per share.
Future distributions of ACE's remaining net cash to shareholders are subject to the expiration or settlement of any contingencies, the company said Tuesday.
Bertrand Marotte