ACE Aviation explores options for convertible preferreds

By Angela McDaniels

Tacoma, Wash., Nov. 11 - ACE Aviation Holdings Inc. chairman, president and chief executive officer Robert Milton said the company is actively exploring options for its capital structure, including its convertible preferred shares.

Milton made the statement in the company's earnings release for the third quarter.

There were C$200 million of the preferreds outstanding at the end of the third quarter, according to the release.

The company reported a net loss of C$135 million for the third quarter and attributed the deterioration in operating results primarily to high fuel prices and the effects of an uncertain global economy on the results of Air Canada.

ACE is a Montreal-based holding company of aviation interests including Air Canada and ACTS.

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