Exhibit 99.1

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

	    Attention Business/Financial Editors:
	    ACE Aviation Holdings Inc. sells its remaining units of Aeroplan Income
	    Fund and Jazz Air Income Fund

	    MONTREAL, May 28 /CNW Telbec/ - ACE Aviation Holdings Inc. (ACE)
announced today that it has sold in the market a total of 19,892,088 units of
Aeroplan Income Fund for total net proceeds to ACE of approximately
$349.3 million and a total of 11,726,920 units of Jazz Air Income Fund for
total net proceeds to ACE of approximately $85.0 million. ACE retains no
further interest in Aeroplan Income Fund and Jazz Air Income Fund.

	    ABOUT ACE AVIATION HOLDINGS INC.

	    ACE is a holding company of various aviation interests including Air
Canada 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: 00001324EF          %CIK: 0001295721

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

CO:  ACE AVIATION HOLDINGS INC.

CNW 17:14e 28-MAY-08