Company type | Public company |
---|---|
| |
Industry | Airline (NAICS 481000) [1] |
Founded | 2004Montreal, Quebec | in
Defunct | March 15, 2024 |
Fate | Dissolved |
Headquarters | 1155 Rene-Levesque West, 40th floor [2] , , Canada |
Key people | Robert Milton Chairman, President & CEO [1] (Until 2012) |
Products | Passenger air & Cargo travel |
Revenue | |
Number of employees | 33,090 (2008) [4] |
Website | aceaviation.com |
ACE Aviation Holdings Inc. was a Canadian holding company that was the former parent company of Air Canada. It was headquartered in Montreal. In 2012, the company signified its intent to dissolve, [5] and was dissolved in 2024. [6]
ACE Aviation Holdings was created as Air Canada emerged from bankruptcy in 2004; [7] [8] By the end of 2005, ACE completed restructuring and achieved reduced costs through outsourcing, automation and process simplification. [9] One of the more significant changes was the merging of its six small airlines into Air Canada and Air Canada Jazz. ACE was not only a solution to Air Canada's bankruptcy, but also a strategic move by Robert Milton to create a portfolio of independent air transportation services companies out of what was Air Canada. [10]
Among the companies in addition to Air Canada which was taken public after formation of ACE was the frequent flyer program Aeroplan. [11] Aeroplan's initial public offering valued the company at US$2 billion, which was several times the valuation of the airline itself. [11]
In 2005, ACE contributed US$75 million in equity investment to the merger of America West Holdings and US Airways Group, which resulted in US Airways emerging from its second bankruptcy. [12]
In 2008, ACE completed its divestment of Aeroplan and Air Canada's regional airline affiliate, Jazz. [13] After these divestments, ACE retained a 75% stake in Air Canada and a 23% stake in Air Canada Technical Services. [13]
On May 9, 2012, the company received a certificate of intent to dissolve, marking the end of any future activities by the company. [14]
The company planned a wind up and distribution of its assets back to its shareholders by no earlier than mid-2013. While all of the core aviation assets have been disposed of, the corporate website continues to operate until all assets are fully disposed of. The company no longer has a board and executives, with all liquidation being managed by outside party Ernst & Young. As of 31 December 2019 [update] , filings state that ACE Aviation Holdings consisted of only cash and cash equivalents amounting to a total of CA$6,7 million. [5]
On March 15, 2024, the company was dissolved. [6]
Air Canada is the flag carrier and the largest airline of Canada, by size and passengers carried. Air Canada is headquartered in the borough of Saint-Laurent, Montreal, Quebec. The airline, founded in 1937, provides scheduled and charter air transport for passengers and cargo to 222 destinations worldwide. It is a founding member of the Star Alliance. Air Canada's major hubs are at Toronto Pearson International Airport (YYZ), Montréal–Trudeau International Airport (YUL), and Vancouver International Airport (YVR).
Jazz Aviation LP, commonly shortened to Jazz, is a Canadian regional airline based at Halifax Stanfield International Airport, in Enfield, Halifax, Nova Scotia, and is a wholly owned subsidiary of Chorus Aviation. Jazz Aviation provides regional and charter airline services in Canada and the United States, primarily under contract to Air Canada using the brand name Air Canada Express, and also as Jazz Charters.
Air Georgian Limited was a privately owned charter airline based at Toronto Pearson International Airport in Mississauga, Ontario, Canada. Between 2000 and 2020 its main business was its operation as Air Canada Express on a Tier III codeshare with Air Canada for scheduled services on domestic and trans-border routes. Starting in 2020 Air Georgian began focusing on air charters, before ceasing operations in May, after a sale of its assets to Pivot Airlines, a company run by the same executives.
Texas Air Corporation, also known as Texas Air, was an airline holding company in the United States, incorporated in June 1980 by airline investor Frank Lorenzo to hold and invest in airlines. The company had its headquarters in the America Tower in the American General Center in Houston, Texas.
Bearskin Lake Air Service LP, operating as Bearskin Airlines, is a regional airline based in Thunder Bay, Ontario, Canada. It is a division of Perimeter Aviation and operates services in northern Ontario and Manitoba. Its main base is at Thunder Bay International Airport (YQT), with a hub at Greater Sudbury Airport (YSB).
Aeroplan is the frequent-flyer program owned by Air Canada, Canada's flag carrier. The Aeroplan program was created in July 1984 by Air Canada as an incentive program for its frequent flyer customers. In 2002 it was spun off as a separate corporate entity and eventually sold to Aimia. On May 11, 2017, Air Canada announced it plans to launch a new loyalty program to replace the Aeroplan program in 2020. On August 21, 2018, Air Canada, along with TD, CIBC and Visa, agreed to acquire Aeroplan from Aimia for CA$450 million in cash. There are approximately 5 million active members in the program. On August 11, 2020, Air Canada released details about its new loyalty program, which was a relaunch of Aeroplan.
Air Creebec Inc. is a regional airline based in Val-d'Or, Quebec, Canada. It operates scheduled and charter services to 16 destinations in Quebec and Ontario. Its main base is Val-d'Or Airport, with a hub at Timmins Victor M. Power Airport.
America West Holdings Corporation was an Arizona-based company whose primary holding was America West Airlines. On May 19, 2005, America West Holdings Corporation announced it would acquire the Arlington, Virginia-based US Airways Group.
US Airways Group Inc. was an airline holding company based in Tempe, Arizona. US Airways Group operated US Airways, along with its subsidiaries PSA Airlines, Inc. and Piedmont Airlines, Inc., which are wholly owned but marketed under the branding of US Airways Express. It merged with America West Holdings Corporation, parent of America West Airlines, in 2005, and the combined company adopted the better-known US Airways name; the two airlines' operating certificates merged in 2007. It also operates additional companies that provide associated services. ACE Aviation Holdings, the Canadian parent of Air Canada retained a roughly 6.1% investment stake in US Airways Group. The route network covered destinations in 47 states, as well as international destinations.
New Pacific Airlines, Inc., d.b.a. Ravn Alaska, is an Alaskan airline that specializes in serving small communities in the US state of Alaska. The airline is headquartered in Anchorage, which is also home to its primary hub, Ted Stevens Anchorage International Airport.
MAIR Holdings, Inc. was an airline holding company. Later in its life its headquarters were in Fifth Street Towers II in Downtown Minneapolis, Minnesota. At an earlier time its headquarters were on the property of Minneapolis-St. Paul International Airport and in Fort Snelling, an unincorporated area in Hennepin County. It was established in 1993 as AirTran Corporation and was later renamed to Mesaba Holdings, Inc. The holding company served as the holding company for Mesaba Aviation, Inc., which operated Mesaba Airlines. In 2002, MAIR also acquired Big Sky Transportation, Co., operator of Big Sky Airlines.
UAL Corporation is the former name of United Airlines Holdings, an airline holding company, incorporated in Delaware with headquarters in Chicago, Illinois. UAL held a 100 percent controlling interest in United Airlines, Inc., one of the world's largest air carriers, and is a founding member of the Star Alliance. It was announced on May 3, 2010, that UAL Corporation and Continental Airlines, Inc. would pursue a merger pending government approval. UAL Corporation would acquire Continental Airlines, Inc. and change its name to United Continental Holdings (UCH). On October 1, 2010, UCH, formerly UAL Corporation, announced completion of the merger. On Thursday June 27, 2019 United changed the name of its parent company from United Continental Holdings to United Airlines Holdings.
Robert A. Milton was the chairman of the board of directors of United Airlines Holdings, which is the parent company of United Airlines. He serves as the lead independent director of Air Lease Corporation. He was the chairman, president and chief executive officer of ACE Aviation Holdings Inc., the parent company of Air Canada, from 2004 to 2017. He is also a former chairman, president and CEO of Air Canada.
Porter Airlines is a Canadian airline headquartered at Billy Bishop Toronto City Airport on the Toronto Islands in Toronto, Ontario. Owned by Porter Aviation Holdings, formerly known as REGCO Holdings Inc., Porter operates regularly scheduled flights between Toronto and locations in Canada and the United States using a fleet of Canadian-built De Havilland Canada DHC-8-400 turboprop aircraft and Embraer E195-E2 jet aircraft.
Braniff International Airlines, Inc. was a low-fare airline formed in 1991 from the assets of two earlier airlines that used the Braniff name. It was headquartered in the Dallas, Texas, area and owned by BNAir, Inc., a subsidiary of BIA-COR Holdings Inc., a Philadelphia investment group, formed by Paine Weber Group, and subsequent airline holding company. The airline is popularly identified as Braniff III to differentiate it from its predecessors.
Global Aviation Holdings Inc. (Global) was the parent company of World Airways, Inc. (World), and North American Airlines, Inc., headquartered in Peachtree City, Georgia, US. Its airline holdings included World and North American along with ATA Airlines until the parent company renamed from Global Aero Logistics to Global Aviation Holdings. ATA, World, and North American all were Part 121 U.S.-certified air carriers providing customized air transportation services for major international passenger and cargo carriers, international freight forwarders, the U.S. military, international leisure tour operators, and international corporations.
Chorus Aviation is a Canadian holding company which owns regional airlines Jazz Aviation LP and Voyageur Airways as well as lessor Chorus Aviation Capital.
Aveos Fleet Performance Inc. (Aveos) was a maintenance, repair and overhaul (MRO) provider of airframe, component, engine and maintenance solutions. The company had facilities in Montreal, Toronto, Winnipeg, and Vancouver.
Aimia Inc. is an investment holding company with a focus on long-term investments in public and private companies, on a global basis, through controlling or minority stakes, and is based in Montreal, Quebec, Canada. It is publicly listed on the Toronto Stock Exchange.
{{cite report}}
: CS1 maint: multiple names: authors list (link)The firm was restructured into ACE Aviation Holdings, starting as of April 1st 2003 after 18 months under CCAA creditor protection....
Canada's largest airline, Air Canada, filed for bankruptcy protection in 2003. .... After 18 months, Air Canada emerged from bankruptcy protection, under the new ownership of ACE Aviation Holdings.