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2006

ACE Latest

Wednesday Mar 2, 2005 ts
Airlines to pay big for late flights to EU Air Canada, Air Transat AT Inc. and Zoom Airlines Inc. would be forced to pay travellers as much as 600 euros ($983) each for European flights that are delayed under new consumer legislation recently passed by the European Union.

rbc dsMonday Feb 7, 2005 TSX: ACE.B (Class B voting); ACE.RV (Class A variable voting)
Outperform Speculative Price: $33.60 Target: $49.00
ACE (Air Canada) is filling its planes in the cold winter months at levels not usually seen until the air conditioners are on. Travelers are accepting Air Canada’s new value pricing model and management is controlling capacity, resulting in full planes. Our $49 price target (unchanged) is based on 6x 2005E EBITDAR.

From Scotia Tuesday Jan 11, 2005 ACE Aviation Holdings Inc. (ACE.B-T C$34.35)
Air Canada reported its December and full-year traffic numbers. They were in line with expectations. We believe investors should take advantage of current exuberance and sell into strength as we believe profit momentum in the upcoming Q4/04 result will be sharply lower than that seen in Q3/04, despite a higher cost-savings run rate, thus potentially highlighting the extent to which the North American franchise remains under significant pressure.
Rating: 3-SU Risk: Caution Target: 1-Yr $27.00 2-Yr $35.00

ACE Aviation Holdings Inc. (ACE.RV-T; C$34.50)
SPECULATIVE BUY (unchanged); Target: C$45.00 ­ (prior: C$40.50)
Solid December Traffic and Increasing Target Price

Friday Dec 17, 2004 cbc
MONTIE BREWER APPOINTED CEO OF AIR CANADA Montie Brewer has been appointed president and CEO of Air Canada, the airline announced Wednesday.
Mr. Milton will remain chairman and chief executive of ACE Aviation Holdings Inc., the holding company under which Air Canada operates, and retain the title of Air Canada chairman.

Saturday Dec 11, 2004 globe Air Canada can't land line of credit DBRS assigns a speculative, or junk, single-B rating to parent company's debt

Dec. 4, 2004ts
Air Canada battles crew over $20 tabs Air Canada is threatening to smear the credit ratings of as many as 5,000 of its flight attendants if they don`t pay back what the carrier claims are overpaid meal expenses — some as little as $20.

Wed 11/17/2004 rbc ACE Aviation Holdings Inc. TSX: ACE.B (Class B voting); ACE.RV (Class A variable voting) Outperform Speculative Price: $28.00 Target: $49.00
Q3/04 operating profit before restructuring and other one-time charges was $243 million, exceeding the pre-released $235 million figure and a vast improvement over last year’s Q3 operating profit of $17 million.

Tuesday Nov 16, 2004 ts
AIR CANADA HOLDING COMPANY SHARES TAKE FLIGHT Stock in ACE Aviation Holdings, Air Canada's parent company, soared to a new high Monday after the airline painted a rosy picture of its prospects and finances.

Tuesday Nov 16, 2004 ts
Milton wants to ease customs` woes
For a year and a half, Air Canada chief executive Robert Milton fought to help the carrier survive its tumultuous sojourn through bankruptcy protection.

Monday, November 15, 2004 Karl Moore ,
Ace Aviation holdings earnings
Duration5m 48s

Celine Dion

Air Canada signs Celine
Just weeks after emerging from bankruptcy protection, Air Canada has signed Celine Dion to an endorsement contract, gambling the diva`s velvety voice will help smooth relations with the company`s disgruntled employees and customers alike. [from one mess into an....]

Tuesday Oct 19, 2004 WINNIPEG: CITY RALLIES AGAINST AIR CANADA PLAN Business leaders and politicians in Winnipeg, Manitoba, are banding together in an effort to dissuade Air Canada from flying smaller planes into their city. The airline's plan is to use 50-seat regional jets rather than the larger Airbus aircraft now in use. A local Conservative Party member of Canada's parliament, Steven Fletcher, predicted that the change would hurt local business and tourism. Passengers would have to use stairs to get on and off the smaller planes, said Mr. Fletcher. That, he added, would create a bad first impression of the city. Air Canada is insisting that it makes good sense to switch to smaller planes. In the wake of a corporate restructuring to bring the company out of bankruptcy, Air Canada has reduced its fleet by 50 planes. "We've had to revisit our schedules in just about every community as a result. It comes down to availability of aircraft," explained Laura Cooke, an airline spokesperson. Manitoba premier Gary Doer has asked for a meeting with the airline to discuss what might be done.

Sunday Oct 17, 2004 cbc
AIR CANADA EXPECTS $235M OPERATING PROFIT FOR Q3 Air Canada's new holding company said Friday it expects the reborn airline to report an operating profit of $235 million in its third quarter.

Monday Oct 4, 2004 cbc
NEW AIR CANADA SHARES TAKE FLIGHT ON THE TSX Shares of the newly-restructured Air Canada began trading Monday on the TSX at a significant premium over their initial offering price.
The Class "B" shares of Air Canada parent company ACE Aviation Holdings( TSX:ACE.b )opened at $26.75 – a 33 per cent premium over their $20 offering price. But they quickly slipped back and were at $24.80 by the close.
Air Canada's restricted voting shares(TSX:ACE.rv )opened at $26.25 and closed at $24.76.

Saturday Oct 2, 2004 cbc
REVAMPED AIR CANADA PROFITABLE DESPITE OIL PRICES: CEO On the first full day of operations after Air Canada emerged from creditor protection, its president said the airline is making a profit despite the challenges it's facing - including soaring fuel prices.

Tuesday Sep 28, 2004 ts
Air Canada says it`s ready to soar Air Canada chief executive Robert Milton says his airline is ready to serve customers with "simplicity, flexibility and efficiency" when it emerges on Thursday from an 18-month sojourn in bankruptcy protection. ...Airline signs deal with Bombardier

Saturday Sep 4, 2004 OTTAWA: AIR CANADA NEARS RETURN FROM BANKRUPTCY
Air Canada, Canada's biggest but insolvent airline, has taken still another step toward emerging from bankruptcy protection. The Canadian Transportation Agency has approved the airline's restructuring plan. The Agency says it's confident that Air Canada's new parent firm, ACE Aviation Holdings, will meet federal ownership and control requirements. Last month, Ontario Superior Court, which is overseeing the restructuring effort, approved the airline's plan to resume normal operations. Under the plan, the New York-based Cerberus Capital Management firm will acquire a 9.2-per cent share of Air Canada in return for its $250-million investment in the airline. Air Canada's creditors will receive almost 46 per cent of the company's equity to settle its debt to them of $8.1 billion. And they'll have an option to buy 42 per cent more of the equity in a shares offering underwritten by Deutsche Bank. Air Canada has been under bankruptcy protection since April 2003.

Monday Aug 23, 2004 np Court OKs Air Canada restructuring CIBC sells airline's debt for $52M gain
TORONTO -- An Ontario court approved Air Canada's restructuring plan Monday, while one of Canada's major banks sold off its debt in the insolvent carrier and gained rights to buy up to 10 per cent of the voting shares of the restructured airline.

Sunday Aug 15, 2004 ts Air Canada gets blue-chip board Air Canada has named former premiers Frank McKenna and Pierre Marc Johnson to the board of directors that will oversee the airline after its restructuring, a move analysts say may help smooth its way in Ottawa.

Sunday Aug 8, 2004 ts NEW BOARD OF REVAMPED AIR CANADA NAMED
Air Canada on Thursday named the board of directors that will oversee the airline upon its emergence from creditor protection.

Sunday Aug 8, 2004 ts Airline`s quarterly deficit narrows Air Canada suffered a second-quarter loss of $510 million as the struggling carrier continued to restructure under creditor protection, which the airline said it is on track to exit by the end of September

Wednesday Jul 21, 2004 ec Airline`s quarterly deficit narrows Air Canada suffered a second-quarter loss of $510 million as the struggling carrier continued to restructure under creditor protection, which the airline said it is on track to exit by the end of September

Tuesday Aug 3, 2004 MONTREAL: AIR CANADA LAUNCHES NEW LINK TO CHINA
Air Canada, Canada's biggest airline, has begun direct flights between China and Canada's biggest city, Toronto. The first flight took place on Sunday. The direct flights between Toronto and China have been made possible by the airline's acquisition of Airbus 340 airliners. Air Canada already had shorter non-stop flights between the west coast city of Vancouver, B.C., and Hong Kong.

Wednesday Jul 21, 2004 ec Air Canada inflicts the final indignity Airline bails on small investor

Friday Jul 23, 2004 Litigation between Air Canada and its biggest rival, WestJet, gathered more steam on Thursday. The country's biggest but insolvent airline has increased exponentially the sums which it's demanding that the discount airline pay for having allegedly engaged in industrial espionage. Air Canada had initially demanded WestJet pay $5 million for having allegedly illegally accessed a Website reserved for employees who are making travel plans, claiming the access gave the Calgary-based airline an unfair advantage by acquiring knowledge of Air Canada's seat availability. On Thursday, Air Canada said it now demands $170 million in compensation, $25 million in punitive damages and $25 million for having destroyed Air Canada documents. WestJet, for its part, obtained the permission of Ontario Superior Court to sue Air Canada for supposedly having sent private investigators to the homes of several of its executives to sift through their trash to recover shredded company documents.

Tue Jul 20, 2004 cbc Airline bails on small investor Air Canada has warned shareholders for more than a year to jettison their stake in the insolvent company.

Sunday Jul 18, 2004 cbc AIR CANADA'S FINAL UNION RATIFIES DEAL

Friday Jul 9, 2004 ts
Air Canada union ratifies deal
The head of Air Canada`s flight attendants` union said her members ratified a cost-cutting deal with the airline yesterday, but changes in the airline management`s philosophy are needed for it to succeed.
Members of a labour union at Air Canada have approved by 70 per cent their employers' cost-cutting measures proposed as part of its restructuring process. The Canadian Union of Public Employees represents 6,500 flight attendants. Its local president, Pamela Sachs, says they expect the great financial sacrifices which they've accepted to turn the insolvent airline around and not to line the pockets of management. The Canadian Auto Workers, which represents 5,000 customer service staff, is now the only of Air Canada's eight labour unions not to have agreed to the wage and job concessions demanded by the airline's new prospective equity investor, Deutsche Bank. Air Canada went into bankruptcy protection 15 months ago.

Sunday Jul 4, 2004 Ontario Superior Court has approved the proposal by New York-based Cerberus Capital Management to invest $250 million in the bankrupt airline. The offer would make Cerberus a major shareholder in the world's 10th-biggest airline. Deutsche Bank also is set to make a major investment by proposing to underwrite an $850-million investment. However, the German bank demands that Air Canada's labour unions accept further contract concessions, which only two of the airline's eight unions have accepted. The court has given the airline until Aug. 17 to complete its restructuring effort. Air Canada went into bankruptcy protection 15 months ago.

Tuesday 1 Jun 2004 ts
Mulroney may get Air Canada post
Former Canadian prime minister Brian Mulroney is likely to be named to Air Canada`s board when the insolvent carrier emerges from bankruptcy protection later this year, a source says.

2003

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