Exhibit 99.1

News release via CNW Telbec, Montreal 514-878-2520

           Attention Business/Financial Editors:
           ACE Aviation Holdings Inc. completes secondary offerings of Aeroplan and
           Jazz and provides update on its cash position

           MONTREAL, Oct. 22 /CNW Telbec/ - ACE Aviation Holdings Inc. (ACE)
announced today that it has completed the secondary offerings of 22.0 million
units of the Aeroplan Income Fund and 35.5 million units of the Jazz Air
Income Fund.
           On closing the transactions, ACE received aggregate net proceeds of
$726 million.
           Following the receipt of these funds and the completion of the
monetization of ACTS on October 16, ACE's cash and cash equivalents amount to
approximately $1.85 billion.

           About ACE Aviation Holdings

           ACE is a holding company of various aviation interests including Air
Canada, Aeroplan Income Fund, Jazz Air Income Fund and ACTS.

           CAUTION REGARDING FORWARD-LOOKING INFORMATION
           ---------------------------------------------

           Certain statements in this news release may contain forward-looking
statements. These forward-looking statements are identified by the use of
terms and phrases such as "anticipate", "believe", "could", "estimate",
"expect", "intend", "may", "plan", "predict", "project", "will", "would", and
similar terms and phrases, including references to assumptions. Such
statements may involve but are not limited to comments with respect to
strategies, expectations, planned operations or future actions.
           Forward-looking statements, by their nature, are based on assumptions and
are subject to important risks and uncertainties. Any forecasts or
forward-looking predictions or statements cannot be relied upon due to,
amongst other things, changing external events, general uncertainties of the
business and matters that are not within the control of ACE. Such statements
involve known and unknown risks, uncertainties and other factors that may
cause the actual results, performance or achievements to differ materially
from those expressed in the forward looking statements. The forward-looking
statements contained herein represent ACE's expectations as of the date they
are made and are subject to change after such date. However, ACE disclaims any
intention or obligation to update or revise any forward-looking statements
whether as a result of new information, future events or otherwise, except as
required under applicable securities regulations.
           %SEDAR: 00020954EF          %CIK: 0001295721

           /For further information: for ACE: Isabelle Arthur (Montreal), (514)
422-5788; Angela Mah (Vancouver), (604) 270-5741; Peter Fitzpatrick (Toronto),
 (416) 263-5576; Internet: www.aceaviation.com/
           (ACE.A. ACE.B.)

CO:  ACE AVIATION HOLDINGS INC.

CNW 08:27e 22-OCT-07