Exhibit 99.1

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

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

	    <<
	    THIRD QUARTER OVERVIEW

	    - EBITDAR of $346 million, including EBITDAR of $355 million at Air
	      Canada.
	    - Operating income of $105 million.
	    - Net loss of $135 million.
	    - ACE cash of $824 million at September 30, 2008.
	    >>

	    MONTREAL, Nov. 11 /CNW Telbec/ - ACE Aviation Holdings Inc. (ACE) today
reported EBITDAR(1) of $346 million for the third quarter of 2008.
	    Air Canada reported EBITDAR of $355 million for the quarter, a decrease
of $206 million from the third quarter 2007.
	    ACE recorded operating income of $105 million for the quarter. Air Canada
reported operating income of $112 million for the quarter, a decrease of $239
million from the third quarter 2007.
	    ACE recorded a net loss of $135 million for the third quarter of 2008.
	    The deterioration in operating results was mainly due to unprecedented
high fuel prices during the third quarter, combined with the effects of an
uncertain global economy on Air Canada's results. Air Canada is the primary
remaining aviation interest held by ACE.
	    In addition, the net loss in the current quarter included Air Canada's
mark-to-market losses on financial instruments, consisting primarily of fuel
hedge contracts, of $93 million and net foreign exchange losses of $87 million
due to a weaker Canadian dollar versus the US dollar.
	    ACE's unconsolidated cash amounted to $824 million at September 30, 2008.
	    "We continue to actively explore options for our 75 per cent interest in
Air Canada to maximize value for our shareholders," said Robert Milton,
Chairman, President and Chief Executive Officer, ACE Aviation Holdings Inc.
	    "We are also actively exploring options for ACE's capital structure,
including its convertible preferred shares," 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, amortization
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 Third
Quarter 2008 Management's Discussion and Analysis (MD&A) for a reconciliation
of EBITDAR 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 Third
Quarter 2008 MD&A dated November 11, 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 in         Three Months Ended      Nine Months Ended
	     millions except                 September 30           September 30
	     per share figures)           2008        2007(x)     2008        2007(x)
	    -------------------------------------------------------------------------

	    Operating revenues
	      Passenger               $  2,766    $  2,660    $  7,531    $  7,148
	      Cargo                        139         132         402         407
	      Other                        170         230         651         751
	    -------------------------------------------------------------------------
	                                 3,075       3,022       8,584       8,306
	    -------------------------------------------------------------------------

	    Operating expenses
	      Wages, salaries and
	       benefits                    479         558       1,462       1,882
	      Aircraft fuel              1,064         716       2,627       1,938
	      Aircraft rent                 67          66         199         261
	      Airport and navigation
	       fees                        275         284         771         783
	      Aircraft maintenance         127          85         502         348
	      Communications and
	       information technology       69          71         214         216
	      Food, beverages and
	       supplies                     86          88         244         252
	      Depreciation,
	       amortization and
	       obsolescence                174         147         514         442
	      Commissions                   54          54         154         164
	      Capacity purchase with
	       Jazz                        243         234         711         310
	      Special charge for
	       labour restructuring          -           -           -          15
	      Other                        332         379       1,110       1,288
	    -------------------------------------------------------------------------
	                                 2,970       2,682       8,508       7,899
	    -------------------------------------------------------------------------

	    Operating income before
	     under-noted item              105         340          76         407

	    Provision for cargo
	     investigations                  -           -        (125)          -
	    -------------------------------------------------------------------------
	    Operating income (loss)        105         340         (49)        407
	    -------------------------------------------------------------------------
	    Non-operating income
	     (expense)
	      Interest income               19          25          67          86
	      Interest expense             (87)        (96)       (270)       (315)
	      Interest capitalized           6          24          31          88
	      Gain on assets                 -           2         961          27
	      Gain (loss) on financial
	       instruments recorded
	       at fair value               (93)         (2)         60          26
	      Equity and other
	       investment income (loss)    (19)         27          (2)         54
	      Other                         (1)         (7)         (2)         (8)
	    -------------------------------------------------------------------------
	                                  (175)        (27)        845         (42)
	    -------------------------------------------------------------------------

	    Income (loss) before
	     the following items           (70)        313         796         365

	    Non-controlling interest        30         (69)         62        (148)
	    Foreign exchange gain (loss)   (87)        104        (128)        295
	    Provision for income taxes
	      Current                       (1)        (10)         (2)        (16)
	      Future                        (7)       (114)       (215)       (226)
	    -------------------------------------------------------------------------
	    Income (Loss) for the
	     period                   $   (135)   $    224    $    513    $    270
	    -------------------------------------------------------------------------
	    -------------------------------------------------------------------------

	    Income (Loss) per share
	      Basic                   $  (3.86)   $   2.17    $  10.26    $   2.61
	    -------------------------------------------------------------------------
	      Diluted                 $  (3.86)   $   1.84    $   7.43    $   2.48
	    -------------------------------------------------------------------------
	    -------------------------------------------------------------------------

	    (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 Financial Position

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

	    ASSETS
	    Current
	      Cash and cash equivalents                       $  1,321    $  2,300
	      Short-term investments                               617         839
	    -------------------------------------------------------------------------
	                                                         1,938       3,139
	    -------------------------------------------------------------------------

	      Restricted cash                                       82         124
	      Accounts receivable                                  986         793
	      Aircraft fuel inventory                               94          98
	      Fuel derivatives                                      12          68
	      Prepaid expenses and other current assets            134         182
	      Future income taxes                                    -         200
	    -------------------------------------------------------------------------
	                                                         3,246       4,604

	    Property and equipment                               7,463       7,925
	    Intangible assets                                      669         647
	    Deposits and other assets                              548         578
	    -------------------------------------------------------------------------
	                                                      $ 11,926    $ 13,754
	    -------------------------------------------------------------------------

	    LIABILITIES
	    Current
	      Accounts payable and accrued liabilities        $  1,391    $  1,249
	      Advance ticket sales                               1,452       1,300
	      Current portion of long-term debt and
	       capital leases                                      408         686
	    -------------------------------------------------------------------------
	                                                         3,251       3,235
	    -------------------------------------------------------------------------

	    Long-term debt and capital leases                    4,245       4,006
	    Convertible preferred shares                           200         182
	    Future income taxes                                     50          50
	    Pension and other benefit liabilities                1,460       1,824
	    Other long-term liabilities                            367         483
	    -------------------------------------------------------------------------
	                                                         9,573       9,780
	    -------------------------------------------------------------------------

	    Non-controlling interest                               695         757

	    SHAREHOLDERS' EQUITY
	      Share capital and other equity                       307         450
	      Contributed surplus                                  164         504
	      Retained earnings                                  1,233       2,209
	      Accumulated other comprehensive income (loss)        (46)         54
	    -------------------------------------------------------------------------
	                                                         1,658       3,217
	    -------------------------------------------------------------------------

	                                                      $ 11,926    $ 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

	                                    -----------------------------------------
	                                              Nine                    Nine
	                                            Months        Year      Months
	                                             Ended       Ended       Ended
	    Unaudited                            September    December   September
	    (Canadian dollars                           30          31          30
	     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          22
	    -------------------------------------------------------------------------
	    Total share capital                        100         243         129
	    Other equity
	      Convertible preferred shares             117         117         117
	      Convertible senior notes                  90          90          92
	    -------------------------------------------------------------------------
	    Total share capital and other equity       307         450         338
	    -------------------------------------------------------------------------

	    Contributed surplus
	      Balance, beginning of period             504          25          25
	      Repurchase and cancellation of
	       common shares                          (329)          -           -
	      Fair value of stock options
	       recognized as compensation
	       expense                                  (4)         25          12
	      Fair value of exercised stock
	       options to share capital                 (7)        (29)          -
	      Aeroplan negative investment               -         483         483
	    -------------------------------------------------------------------------
	    Total contributed surplus                  164         504         520
	    -------------------------------------------------------------------------

	    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           5
	      Repair schemes and Non-compete
	       agreement                                 -          (4)          -
	    -------------------------------------------------------------------------
	                                               720         811         815
	      Net income for the period                513       1,398         270
	    -------------------------------------------------------------------------
	    Total retained earnings                  1,233       2,209       1,085
	    -------------------------------------------------------------------------

	    Accumulated other comprehensive
	     income (loss)
	      Balance, beginning of period              54           -           -
	      Cumulative effect of adopting new
	       accounting policies                       -          (7)         (7)
	      Other comprehensive income (loss)       (100)         61           2
	    -------------------------------------------------------------------------
	    Total accumulated other
	     comprehensive income (loss)               (46)         54          (5)
	    -------------------------------------------------------------------------
	    Total retained earnings and
	     accumulated other comprehensive
	     income                                  1,187       2,263       1,083
	    -------------------------------------------------------------------------

	    Total shareholders' equity            $  1,658    $  3,217    $  1,938
	    -------------------------------------------------------------------------
	    -------------------------------------------------------------------------

	    (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      Nine Months Ended
	    (Canadian dollars in             September 30           September 30
	     millions                     2008        2007(x)     2008        2007(x)
	    -------------------------------------------------------------------------

	    Comprehensive income
	    Net income (loss) for the
	     period                   $   (135)   $    224    $    513    $    270
	    Other comprehensive income
	     (loss), net of taxes:
	      Net change in unrealized
	       loss on US Airways
	       securities                    -           -           -          (8)
	      Reclassification of
	       realized gains on US
	       Airways securities to
	       income                        -          (4)          -         (11)
	      Net change in unrealized
	       gain on Jazz Air Income
	       Fund                          -           -          65           -
	      Reclassification of net
	       realized gains on Jazz
	       Air Income Fund to
	       income                        -           -         (65)          -
	      Net change in unrealized
	       gain on Aeroplan Income
	       Fund                          -           -         331           -
	      Reclassification of net
	       realized gains on
	       Aeroplan Income Fund to
	       income                        -           -        (331)          -
	      Net (loss) gains on fuel
	       derivatives under hedge
	       accounting                 (244)         11          29          25
	      Reclassification of net
	       realized (gains) losses
	       on fuel derivatives to
	       income                      (44)         (3)       (129)          7
	      Unrealized loss on
	       translation of self-
	       sustaining operation
	       (net of nil tax)              -          (4)          -         (11)
	    -------------------------------------------------------------------------
	                                  (288)          -        (100)          2
	    -------------------------------------------------------------------------
	    Total comprehensive
	     income (loss)            $   (423)   $    224    $    413    $    272
	    -------------------------------------------------------------------------
	    -------------------------------------------------------------------------

	    (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
	        ww.sec.gov/edgar.shtml.


	                     Consolidated Statement of Cash Flows

	                               ----------------------------------------------
	    Unaudited                    Three Months Ended      Nine Months Ended
	    (Canadian dollars in             September 30           September 30
	     millions                     2008        2007(x)     2008        2007(x)
	    -------------------------------------------------------------------------

	    Cash flows from (used for)

	    Operating
	      Income (loss) for the
	       period                 $   (135)   $    224    $    513    $    270
	      Adjustments to
	       reconcile to net cash
	       from operations
	        Depreciation,
	         amortization and
	         obsolescence              174         147         514         442
	        Gain on disposal of
	         assets                      -          (2)       (961)        (27)
	        Foreign exchange loss
	         (gain)                    102        (139)        103        (326)
	        Future income taxes          7         114         215         226
	        Excess of employee
	         future benefit
	         funding over expense     (150)        (32)       (232)       (170)
	        Provision for cargo
	         investigations              -           -         125           -
	        Non-controlling
	         interest                  (30)         69         (62)        139
	        Financial instruments
	         and other                 141          15         (40)         23
	        Changes in non-cash
	         working capital
	         balances                 (374)       (273)          6          (7)
	    -------------------------------------------------------------------------
	                                  (265)        123         181         570
	    -------------------------------------------------------------------------

	    Financing
	      Issue of common shares         -           2          30          21
	      Repurchase and
	       cancellation of common
	       shares                        -           -      (1,998)          -
	      Aircraft related borrowings    -         449         313       1,093
	      Distributions paid to non-
	       controlling interest          -           -           -         (61)
	      Reduction of long-term debt
	       and capital lease
	       obligations                 (67)       (138)       (709)       (305)
	      Other                          -          (1)          -          (2)
	    -------------------------------------------------------------------------
	                                   (67)        312      (2,364)        746
	    -------------------------------------------------------------------------

	    Investing
	      Short-term investments       226         124         222         (15)
	      Proceeds from sale of
	       Aeroplan units                -           -         692           -
	      Proceeds from sale of
	       Jazz units                    -           -         182           -
	      Exercise of ACTS Aero
	       put option                    -           -         (19)          -
	      Proceeds from escrow
	       related to sale of ACTS       -           -          40           -
	      Proceeds from sale of
	       other assets                  -          32          27          77
	      Proceeds from sale-
	       leaseback transactions        -           -         708           -
	      Additions to capital
	       assets                     (105)       (612)       (733)     (1,787)
	      Deconsolidation of
	       Aeroplan cash                 -           -           -        (231)
	      Deconsolidation of
	       Jazz cash                     -           -           -        (138)
	      Acquisition of Aeroman,
	       net of cash                   -           -           -         (53)
	      Other                         51         (42)         85         (45)
	    -------------------------------------------------------------------------
	                                   172        (498)      1,204      (2,192)
	    -------------------------------------------------------------------------

	    Decrease in cash and cash
	     equivalents                  (160)        (63)       (979)       (876)
	    Cash and cash equivalents,
	     beginning of period         1,481       1,041       2,300       1,854
	    -------------------------------------------------------------------------
	    Cash and cash equivalents,
	     end of period            $  1,321    $    978    $  1,321    $    978
	    -------------------------------------------------------------------------

	    Cash payments of interest $     68    $     59    $    222    $    190
	    -------------------------------------------------------------------------
	    Cash (recoveries)
	     payments of income taxes $     (1)   $      3    $      2    $     12
	    -------------------------------------------------------------------------
	    -------------------------------------------------------------------------

	    (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; aceaviation.com/
	    (ACE.A. ACE.B.)

CO:  ACE AVIATION HOLDINGS INC.

CNW 06:00e 11-NOV-08