MONTREAL—Air Canada’s former parent company ACE Aviation won shareholder approval to wind down its operations as hundreds of protesters blocked a downtown Montreal street where the meeting was held.
The frustrated employees of insolvent aircraft maintenance company Aveos denounced both Air Canada and the federal government for letting their former employer die.
They accused the Harper Conservatives of being in a conspiracy with Air Canada by not enforcing a law that requires heavy maintenance work to be done in Canada.
The also vented their anger at former airline CEO Robert Milton who earned millions of dollars by spinning off Air Canada into pieces, including Aveos.
ACE barred reporters from its annual meeting. In a statement, it confirmed that shareholders approved the wind up of the company and plans to distribute between $250 million and $300 million in the coming weeks.
ACE’s main assets are $351 million of cash and equivalents, 31 million Class B voting shares in Air Canada and warrants to purchase Air Canada shares.
ACE Aviation Holdings Inc. was formed in 2004 to be the airline’s parent company after Air Canada sought court protection in April 2003.
ACE has sold most of its assets, including the companies now known as Chorus Aviation and loyalty card operator Aeroplan operating as Aimia.