MONTRÉAL, Nov. 24, 2016 /CNW Telbec/ - ACE Aviation Holdings Inc. (ACE) announced today its results for the third quarter of 2016. 2016 Third Quarter Results In the third quarter of 2016, ACE recorded a decrease in net assets in liquidation of approximately $23,000 as a result of administrative and other expenses incurred during the quarter, offset by interest income earned during the quarter. As at September 30, 2016, ACE's only remaining assets consist of cash in an aggregate amount of approximately $6.7 million. Liquidation Process On June 28, 2012, further to the approval by ACE shareholders on April 25, 2012 of a special resolution providing for the voluntary liquidation of ACE, the Superior Court of Québec (Commercial Division) (the " Court") issued an order appointing Ernst & Young Inc. as liquidator of ACE (the " Liquidator"). Pursuant to an order issued by the Court on February 25, 2013, the Liquidator established a process for the identification, resolution and barring of claims and other contingent liabilities against ACE. Creditors had until May 13, 2013 to file their proof of claims, failing which their claims would be barred and extinguished. The interim consolidated financial statements of ACE for the second quarter ended June 30, 2016 and the related management's discussion and analysis include a description of proofs of claim which were filed and the status thereof. All of the remaining contingent obligations which were the object of proofs of claims filed in connection with such claims process have expired at the beginning of 2016. Liquidation and Dissolution Process and Final Distribution to Shareholders Following the interim distribution to shareholders of $12 million completed in June 2016, ACE's only remaining assets as at September 30, 2016 consist of cash in an aggregate amount of approximately $6.7 million. ACE is completing the remaining corporate, administrative and tax processes to facilitate its dissolution and the final distribution of the remaining cash of ACE prior to its dissolution. ACE currently expects that such final distribution and dissolution will occur in the first half of 2017.