ACE Aviation Defers Meeting To Approve Liquidation

ACE Aviation, the parent company of Air Canada, postponed its special shareholders meeting to approve its liquidation plan, citing current market conditions.

The special meeting was rescheduled for April 7.

The company said it was considering all other alternatives to arrive at an "optimal outcome."

ACE, which had posted a fourth-quarter net loss of CAD$633 million (USD$510.5 million), is preparing to distribute its remaining assets to its shareholders and wind up its business.

In December, it had announced a plan to end the organization's holding-company structure by divvying out its remaining assets. One large shareholder, West Face Capital, had said it plans to vote against the initiative at a shareholder meeting in April.

ACE currently owns 75 percent of Air Canada and 27.8 percent of aircraft maintenance and repair firm Aveos Fleet Performance.