On March 19, 2012, Aveos filed for creditors' protection under CCAA, citing corporate finances and relations with its main client, Air Canada.

[4] In January 2013, Lockheed Martin Canada purchased tools and equipment at auction for two lines of aircraft engines, along with the Aveos building near Montreal Trudeau International Airport.

Beginning in 1968, ACTS provided airframe, engine and component solutions to non-Air Canada customers, helping them expand their maintenance, repair, and operations (MRO) reach to new carriers.

On October 16, 2007, ACTS officially became independent when US investment firms Sageview Capital and KKR Private Equity Investors acquired a 70% stake in the company.

[8] Today, Aveos, with its subsidiary Aeroman in El Salvador, provides nose-to-tail maintenance for Boeing, Airbus and Embraer aircraft.

[16] Aeroman's parent company, Aero Technical Support & Services Holdings, is expanding in El Salvador even as its Canadian arm liquidates its assets after terminating more than 2,600 employees.

Peter Timotheatos, Aveos Chief Financial Officer, stated, "We presented our plans to various lenders over a year ago and we are very pleased with the outcome today.

[21] The previous month, the International Association of Machinists and Aerospace Workers had expressed concern that hundreds of jobs in Canada at Aveos were at risk of being shifted to lower-wage jurisdictions at competing repair shops in places such as Nashville, Plattsburgh, N.Y., and Rome, N.Y., and to Central America.

[16] In the court filing, Aveos laid the blame for its troubles squarely on Air Canada, which it accuses of refusing to deliver planes for repairs and of soliciting undercutting bids from rivals for work.

"The maintenance component that supplies work to the Air Canada fleet has effectively ceased operations," according to Lorne Hammerberg, the IAMAW's local president in Winnipeg.

[26] On March 20, 2012, after getting permission from the Quebec Superior Court, Aveos said that it would immediately begin the process of liquidating its Canadian aircraft maintenance business, putting virtually all of the company's 2,600 employees across Canada out of work.

We deeply regret the job losses and the impact this decision has on our employees in Canada and extend our sincere gratitude to them for their dedication and service over the years.

The airline's lawyers argued in vain Monday for a Quebec Superior Court judge to order Aveos to not lay off more workers and to meet its obligations to complete the aircraft repairs.

Justice Mark Schrager denied an Air Canada request that would have forced Aveos to maintain operations and employment to complete the contracted repairs.

[17] [30] According to one report, that company in turn has as shareholders Sageview Capital and KKR (Kohlberg Kravis Roberts) Private Equity Investors.