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Ace Aviation is cutting its ties with the Air Canada and will sell its remaining shares in the carrier.
Ace Aviation held 31 million shares in Air Canada as of June 30th, according to the most recent documents filed in its liquidation process.
Tax auditor Ernst & Young, which is overseeing Ace Aviation's liquidation, has not been available for comment.
A spokesperson for Air Canada tells BNN the company can't comment on what Ace Aviation may or may not be doing.
In April, Ace Aviation shareholders voted to approve the company's liquidation process.