Protestors, mainly employees from bankrupt Aveos, gathered at ACE Aviation's annual meeting yesterday where Air Canada's former parent company shareholders approved the plan to dissolve the holding company after less than 10 years of operation.
In a statement, ACE confirmed that shareholders had approved the wind up of the company and plans to distribute between $250 million and $300 million in the coming weeks.
The unions reacted angrily to the news. Jean Poirier, vice-president of the International Association of Machinists and Aerospace Workers, said on the steps of the Montreal Museum of Fine Arts: "They are going to distribute $350 million that belongs to us."
"The final distribution to shareholders will not occur earlier than mid-year 2013 in order to allow that any remaining contingent liabilities be settled or otherwise provided for," ACE said in the statement.