Exhibit 99.1

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

	    Attention Business/Financial Editors:
	    ACE Aviation reports second quarter 2008 results

	    <<
	    SECOND QUARTER OVERVIEW

	    - Net income of $830 million.
	    - Operating loss of $2 million.
	    - EBITDAR of $238 million including EBITDAR of $249 million at Air
	      Canada.
	    - Secondary offering of Aeroplan units in April 2008 for net cash
	      proceeds of $343 million.
	    - Sale of remaining stakes in Aeroplan and Jazz in early June 2008 for
	      net cash proceeds of $349 million and $85 million respectively.
	    - Substantial issuer bid of $500 million completed in June 2008.
	    - ACTS Aero stake increased to 27.8% in June 2008 following exercise of
	      put option by Grupo TACA related entity for US$18.4 million.
	    - ACE cash of $828 million at June 30, 2008.
	    >>

	    MONTREAL, Aug. 8 /CNW Telbec/ - ACE Aviation Holdings Inc. (ACE) today
reported net income of $830 million for the second quarter of 2008. This
included pre-tax gains of $908 million from the sale of Aeroplan and Jazz
units in the quarter.
	    ACE recorded an operating loss of $2 million for the quarter. Air Canada
reported operating income of $7 million, a decrease of $81 million from the
second quarter 2007, on a comparative basis.
	    EBITDAR(1) for ACE amounted to $238 million. Air Canada reported EBITDAR
of $249 million for the quarter, a decrease of $50 million over second quarter
2007.
	    "I am pleased with ACE's continued progress on the execution of its
strategy," said Robert Milton, Chairman, President and Chief Executive
Officer, ACE Aviation Holdings Inc.
	    "In April 2008, we raised a further $343 million in cash through a
secondary offering of Aeroplan units. In June, we also raised a total of
$434 million by way of the sale of our remaining holdings in Aeroplan and
Jazz, and we completed a $500 million substantial issuer bid.
	    "We are now actively exploring options for our 75 per cent interest in
Air Canada to maximize value for our shareholders," concluded Mr. Milton.

	    (1) Non-GAAP Measures

	    EBITDAR is a non-GAAP financial measure commonly used in the airline
industry to assess earnings before interest, taxes, depreciation and aircraft
rent. EBITDAR is used to view operating results before aircraft rent and
depreciation, amortization and obsolescence as these costs can vary
significantly among airlines due to differences in the way airlines finance
their aircraft and other assets. EBITDAR is not a recognized measure for
financial statement presentation under GAAP and does not have standardized
meaning and is therefore not likely to be comparable to similar measures
presented by other public companies. Readers should refer to ACE's Second
Quarter 2008 Management's Discussion and Analysis (MD&A) for a reconciliation
of EBITDAR and EBITDAR (before the provision for cargo investigations) to
operating income (loss).
	    For further information on ACE's public disclosure file, including ACE's
Annual Information Form, please consult SEDAR at www.sedar.com and EDGAR at
www.sec.gov/edgar.shtml

	    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 and general uncertainties of the business. 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. Results
indicated in forward-looking statements may differ materially from actual
results for a number of reasons, including without limitation, energy prices,
general industry, market and economic conditions, war, terrorist acts, changes
in demand due to the seasonal nature of the business, the ability to reduce
operating costs and employee counts, employee relations, labour negotiations
or disputes, pension issues, currency exchange and interest rates, changes in
laws, adverse regulatory developments or proceedings, pending and future
litigation and actions by third parties as well as the factors identified
throughout ACE's filings with securities regulators in Canada and the
United States and, in particular, those identified in the Risk Factors section
of ACE's 2007 MD&A dated February 7,2008 and in Section 11 of ACE's Second
Quarter 2008 MD&A dated August 8, 2008. 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.


	    <<
	                     Consolidated Statement of Operations

	                              -----------------------------------------------
	    Unaudited
	    (Canadian dollars             Three Months Ended      Six Months Ended
	     in millions except                June 30                 June 30
	     per share figures)           2008        2007(x)     2008        2007(x)
	    -------------------------------------------------------------------------

	    Operating revenues
	      Passenger               $  2,454    $  2,336    $  4,765    $  4,488
	      Cargo                        139         135         263         275
	      Other                        190         188         481         521
	    -------------------------------------------------------------------------
	                                 2,783       2,659       5,509       5,284
	    -------------------------------------------------------------------------

	    Operating expenses
	      Wages, salaries
	       and benefits                487         626         983       1,324
	      Aircraft fuel                848         637       1,563       1,222
	      Aircraft rent                 69          91         132         195
	      Airport and
	       navigation fees             255         256         496         499
	      Aircraft maintenance,
	       materials and supplies      172         121         375         263
	      Communications and
	       information technology       72          69         145         145
	      Food, beverages and
	       supplies                     81          81         158         164
	      Depreciation,
	       amortization and
	       obsolesence                 171         149         340         295
	      Commissions                   47          51         100         110
	      Capacity purchase
	       with Jazz                   233          76         468          76
	      Special charge
	       for labour
	       restructuring                 -           6           -          15
	      Other                        350         400         778         909
	    -------------------------------------------------------------------------
	                                 2,785       2,563       5,538       5,217
	    -------------------------------------------------------------------------

	    Operating income (loss)
	     before under-noted item        (2)         96         (29)         67

	    Provision for cargo
	     investigations                  -           -        (125)          -
	    -------------------------------------------------------------------------

	    Operating income (loss)         (2)         96        (154)         67
	    -------------------------------------------------------------------------

	    Non-operating
	     income (expense)
	      Interest income               23          28          48          61
	      Interest expense             (87)        (96)       (183)       (219)
	      Interest capitalized           8          28          25          64
	      Gain on disposal
	       of assets                   915          18         961          25
	      Gain (loss) on
	       financial instruments
	       recorded at fair value      176          (6)        153          28
	      Equity and other
	       investment income             5          24          17          27
	      Other                          -          (1)         (1)         (1)
	    -------------------------------------------------------------------------
	                                 1,040          (5)      1,020         (15)
	    -------------------------------------------------------------------------

	    Income before the
	     following items             1,038          91         866          52

	      Non-controlling
	       interest                    (32)        (56)         32         (79)
	      Foreign exchange
	       gain (loss)                  48         158         (41)        191
	      Provision for
	       income taxes
	        Current                     (1)          -          (1)         (6)
	        Future                    (223)        (75)       (208)       (112)
	    -------------------------------------------------------------------------

	    Income for the period     $    830    $    118    $    648    $     46
	    -------------------------------------------------------------------------
	    -------------------------------------------------------------------------

	    Income per share
	      Basic                   $  15.46   $    1.14    $  11.24    $   0.45
	    -------------------------------------------------------------------------
	      Diluted                 $  10.76   $    0.98    $   8.18    $   0.44
	    -------------------------------------------------------------------------
	    (x) Effective March 14, 2007, May 24, 2007, and October 16, 2007, the
	        results and financial position of Aeroplan, Jazz and ACTS,
	        respectively, are not consolidated with ACE. The notes are an
	        integral part of the interim consolidated financial statements and
	        are available on SEDAR at www.sedar.com and EDGAR at
	        www.sec.gov/edgar.shtml.

	                 Consolidated Statement of Financial Position

	                                                 ----------------------------
	    Unaudited                                        June 30   December 31
	    (Canadian dollars in millions)                      2008          2007(x)
	    -------------------------------------------------------------------------

	    ASSETS
	    Current
	      Cash and cash equivalents                     $  1,481      $  2,300
	      Short-term investments                             844           839
	    -------------------------------------------------------------------------
	                                                       2,325         3,139
	    -------------------------------------------------------------------------

	      Restricted cash                                     42           124
	      Accounts receivable                                943           793
	      Aircraft fuel inventory                            117            98
	      Fuel derivatives                                   382            68
	      Prepaid expenses and other current assets          131           182
	      Future income taxes                                  -           200
	    -------------------------------------------------------------------------
	                                                       3,940         4,604
	    -------------------------------------------------------------------------

	    Property and equipment                             7,502         7,925
	    Deferred charges                                      49            51
	    Intangible assets                                    660           647
	    Deposits and other assets                            650           527
	    -------------------------------------------------------------------------
	                                                    $ 12,801      $ 13,754
	    -------------------------------------------------------------------------

	    LIABILITIES
	    Current
	      Accounts payable and accrued liabilities      $  1,183      $  1,249
	      Advance ticket sales                             1,722         1,245
	      Current portion of Aeroplan Miles obligation        55            55
	      Current portion of long-term debt and
	       capital leases                                    396           686
	    -------------------------------------------------------------------------
	                                                       3,356         3,235
	    -------------------------------------------------------------------------

	    Long-term debt and capital leases                  4,141         4,006
	    Convertible preferred shares                         194           182
	    Future income taxes                                   50            50
	    Pension and other benefit liabilities              1,738         1,824
	    Other long-term liabilities                          511           483
	    -------------------------------------------------------------------------
	                                                       9,990         9,780
	    -------------------------------------------------------------------------

	    Non-controlling interest                             724           757

	    SHAREHOLDERS' EQUITY
	      Share capital and other equity                     307           450
	      Contributed surplus                                170           504
	      Retained earnings                                1,368         2,209
	      Accumulated other comprehensive income             242            54
	    -------------------------------------------------------------------------
	                                                       2,087         3,217
	    -------------------------------------------------------------------------

	                                                    $ 12,801      $ 13,754
	    -------------------------------------------------------------------------
	    (x) Effective March 14, 2007, May 24, 2007, and October 16, 2007, the
	        results and financial position of Aeroplan, Jazz and ACTS,
	        respectively, are not consolidated with ACE. The notes are an
	        integral part of the interim consolidated financial statements and
	        are available on SEDAR at www.sedar.com and EDGAR at
	        www.sec.gov/edgar.shtml.

	          Consolidated Statement of Changes in Shareholders' Equity

	                                    -----------------------------------------
	                                    Six Months          Year    Six Months
	                                         Ended         Ended         Ended
	    Unaudited                          June 30   December 31       June 30
	    (Canadian dollars in millions)        2008          2007(x)       2007(x)
	    -------------------------------------------------------------------------
	    Share capital
	      Common shares,
	       beginning of period            $    243      $    533      $    533
	        Repurchase and cancellation
	         of common shares                 (180)            -             -
	        Distributions of Aeroplan
	         units                               -          (306)         (354)
	        Distributions of Jazz units          -           (70)          (72)
	        Issue of shares through
	         stock options exercised            37            86            20
	    -------------------------------------------------------------------------
	    Total share capital                    100           243           127
	    Other equity
	      Convertible preferred shares         117           117           117
	      Convertible senior notes              90            90            92
	    -------------------------------------------------------------------------
	    Total share capital and
	     other equity                          307           450           336
	    -------------------------------------------------------------------------
	    Contributed surplus
	      Balance, beginning of period         504            25            25
	      Repurchase and cancellation
	       of common shares                   (329)            -             -
	      Fair value of stock
	       options issued to
	       Corporation employees
	       recognized as
	       compensation expense                  2            25             8
	      Fair value of exercised stock
	       options to share capital             (7)          (29)            -
	      Aeroplan negative investment           -           483           483
	    -------------------------------------------------------------------------
	    Total contributed surplus              170           504           516
	    -------------------------------------------------------------------------
	    Retained earnings
	      Balance, beginning of period       2,209           810           810
	      Repurchase and cancellation of
	       common shares                    (1,489)            -             -
	      Cumulative effect of adopting
	       new accounting policies               -             5             8
	      Repair schemes and Non-compete
	       agreement                             -            (4)            -
	    -------------------------------------------------------------------------
	                                           720           811           818
	      Net income for the period            648         1,398            46
	    -------------------------------------------------------------------------
	    Total retained earnings              1,368         2,209           864
	    -------------------------------------------------------------------------
	    Accumulated other comprehensive
	     income
	      Balance, beginning of period          54             -             -
	      Cumulative effect of adopting
	       new accounting policies               -            (7)           (7)
	      Other comprehensive income           188            61             2
	    -------------------------------------------------------------------------
	    Total accumulated other
	     comprehensive income                  242            54            (5)
	    -------------------------------------------------------------------------
	    Total retained earnings and
	     accumulated other
	     comprehensive income                1,610         2,263           859
	    -------------------------------------------------------------------------
	    Total shareholders' equity        $  2,087      $  3,217      $  1,711
	    -------------------------------------------------------------------------
	    (x) Effective March 14, 2007, May 24, 2007, and October 16, 2007, the
	        results and financial position of Aeroplan, Jazz and ACTS,
	        respectively, are not consolidated with ACE. The notes are an
	        integral part of the interim consolidated financial statements and
	        are available on SEDAR at www.sedar.com and EDGAR at
	        www.sec.gov/edgar.shtml.

	               Consolidated Statement of Comprehensive Income

	                              -----------------------------------------------
	    Unaudited                     Three Months Ended      Six Months Ended
	    (Canadian dollars                  June 30                 June 30
	     in millions                  2008        2007(x)     2008        2007(x)
	    -------------------------------------------------------------------------

	    Comprehensive income
	    Net income for the
	     period                   $    830    $    118    $    648    $     46
	    Other comprehensive
	     income (loss),
	     net of taxes:
	      Net change in
	       unrealized loss on
	       US Airways securities         -          (4)          -          (8)
	      Reclassification of
	       realized gains on US
	       Airways securities
	       to income                     -          (7)          -          (7)
	      Net change in
	       unrealized gain on
	       Jazz Air Income Fund         (6)          -          65           -
	      Reclassification of
	       net realized gains
	       on Jazz Air Income
	       Fund to income              (65)          -         (65)          -
	      Net change in
	       unrealized gain on
	       Aeroplan Income Fund        331           -         331           -
	      Reclassification of
	       net realized gains
	       on Aeroplan Income
	       Fund to income             (331)          -        (331)          -
	      Net gains on fuel
	       derivatives under
	       hedge accounting            173           8         273          14
	      Reclassification of
	       net realized (gains)
	       losses on fuel
	       derivatives to income       (62)          2         (85)         10
	      Unrealized loss on
	       translation of
	       self-sustaining
	       operation
	       (net of nil tax)              -          (7)          -          (7)
	    -------------------------------------------------------------------------
	                                    40          (8)        188           2
	    -------------------------------------------------------------------------
	    Total comprehensive
	     income                   $    870    $    110    $    836     $    48
	    -------------------------------------------------------------------------
	    (x) Effective March 14, 2007, May 24, 2007, and October 16, 2007, the
	        results and financial position of Aeroplan, Jazz and ACTS,
	        respectively, are not consolidated with ACE. The notes are an
	        integral part of the interim consolidated financial statements and
	        are available on SEDAR at www.sedar.com and EDGAR at
	        www.sec.gov/edgar.shtml.

	                     Consolidated Statement of Cash Flows

	                              -----------------------------------------------
	    Unaudited                     Three Months Ended      Six Months Ended
	    (Canadian dollars                  June 30                 June 30
	     in millions                  2008        2007(x)     2008        2007(x)
	    -------------------------------------------------------------------------

	    Cash flows from (used
	     for) Operating
	      Net income for the
	       period                 $    830    $    118    $    648    $     46
	      Adjustments to
	       reconcile to net cash
	       from operations
	        Depreciation,
	         amortization and
	         obsolescence              171         149         340         295
	        Gain on disposal of
	         assets                   (915)        (18)       (961)        (25)
	        Foreign exchange gain      (64)       (154)          1        (187)
	        Future income taxes        223          75         208         112
	        Excess of employee
	         future benefit
	         funding over expense      (31)        (69)        (82)       (138)
	        Decrease in Aeroplan
	         miles obligation          (13)        (21)        (29)        (49)
	        Provision for cargo
	         investigation               -           -         125           -
	        Non-controlling
	         interest                   36          52         (32)         70
	        Financial instruments
	         and other                (168)         36        (181)          9
	        Changes in non-cash
	         working capital
	         balances                  148         (37)        409         314
	    -------------------------------------------------------------------------
	                                   217         131         446         447
	    -------------------------------------------------------------------------
	    Financing
	      Issue of common shares        29           -          30          19
	      Repurchase and
	       cancellation of
	        common shares             (500)          -      (1,998)          -
	      Aircraft related
	       borrowings                  126         532         313         644
	      Distributions paid to
	       non-controlling
	       interest                      -          (8)          -         (61)
	      Reduction of long-term
	       debt and capital
	       lease obligations          (319)        (90)       (642)       (168)
	      Other                          -           1           -           -
	    -------------------------------------------------------------------------
	                                  (664)        435      (2,297)        434
	    -------------------------------------------------------------------------
	    Investing
	      Short-term investments      (165)         16          (4)       (139)
	      Proceeds from sale of
	       Aeroplan units              692           -         692           -
	      Proceeds from sale of
	       Jazz units                   85           -         182           -
	      Exercise of ACTS Aero
	       put option                  (19)          -         (19)          -
	      Proceeds from escrow
	       related to sale of
	       ACTS                          -           -          40           -
	      Proceeds from sale of
	       other assets                  -           -          27          45
	      Proceeds from sale-
	       leaseback transactions      297           -         708           -
	      Additions to capital
	       assets                     (225)       (738)       (628)     (1,175)
	      Deconsolidation of
	       Aeroplan cash                 -           -           -        (231)
	      Deconsolidation of
	       Jazz cash                     -        (138)          -        (138)
	      Acquisition of Aeroman,
	       net of cash                   -           -           -         (53)
	      Other                          9         (18)         34          (3)
	    -------------------------------------------------------------------------
	                                   674        (878)      1,032      (1,694)
	    -------------------------------------------------------------------------

	    Increase (decrease)
	     in cash and cash
	     equivalents                   227        (312)       (819)       (813)
	    Cash and cash
	     equivalents,
	     beginning of period         1,254       1,353       2,300       1,854
	    -------------------------------------------------------------------------
	    Cash and cash
	     equivalents,
	     end of period            $  1,481    $  1,041    $  1,481    $  1,041
	    -------------------------------------------------------------------------
	    Cash payments of
	     interest                 $     81    $     71    $    149    $    131
	    Cash payments of
	     income taxes             $      1    $      3    $      3    $      9
	    -------------------------------------------------------------------------
	    (x) Effective March 14, 2007, May 24, 2007, and October 16, 2007, the
	        results and financial position of Aeroplan, Jazz and ACTS,
	        respectively, are not consolidated with ACE. The notes are an
	        integral part of the interim consolidated financial statements and
	        are available on SEDAR at www.sedar.com and EDGAR at
	        www.sec.gov/edgar.shtml.
	    >>
	    %SEDAR: 00020954EF          %CIK: 0001295721

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

CO:  ACE AVIATION HOLDINGS INC.

CNW 06:10e 08-AUG-08