-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, JG70nfD7Tf25P6JHKfsnLMEv6+31nkVfumUjhB7Et3+cRi/q4vp+2ol+/+Yx55dN yHN2NQiMcydJw/LztZLf+Q== 0001144204-09-045623.txt : 20090826 0001144204-09-045623.hdr.sgml : 20090826 20090825193530 ACCESSION NUMBER: 0001144204-09-045623 CONFORMED SUBMISSION TYPE: 6-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20090825 FILED AS OF DATE: 20090826 DATE AS OF CHANGE: 20090825 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Copa Holdings, S.A. CENTRAL INDEX KEY: 0001345105 STANDARD INDUSTRIAL CLASSIFICATION: AIR TRANSPORTATION, SCHEDULED [4512] IRS NUMBER: 000000000 STATE OF INCORPORATION: R1 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 6-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-32696 FILM NUMBER: 091034914 BUSINESS ADDRESS: STREET 1: AVENIDA PRINCIPAL, COSTA DEL ESTE STREET 2: COMPLEJO BUSINESS PARK, TORRE NORTE CITY: PANAMA CITY STATE: R1 ZIP: 00000 BUSINESS PHONE: 011 507 227 2522 MAIL ADDRESS: STREET 1: AVENIDA PRINCIPAL, COSTA DEL ESTE STREET 2: COMPLEJO BUSINESS PARK, TORRE NORTE CITY: PANAMA CITY STATE: R1 ZIP: 00000 6-K 1 v159051_6k.htm Unassociated Document
 
 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
 
 
FORM 6-K
 
 
 
Report of Foreign Private Issuer
 
Pursuant to Rule 13a-16 or 15d-16 of
the Securities Exchange Act of 1934
 
For the month of May, 2009
Commission File Number 001-32696
 
 
 
Copa Holdings, S.A.
(Translation of Registrant's Name Into English)
 
 
 
Boulevard Costa del Este, Avenida Principal y Avenida de la Rotonda
Urbanización Costa del Este
Parque Lefevre
Panama City, Panama
 (Address of principal executive offices)
 
 
 
(Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.)
 
Form 20-F    X        Form 40-F             
 
(Indicate by check whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.)
 
Yes                  No     X    
 
(If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b);82-             )
 
 
 
This Current Report on Form 6-K is being filed for the purpose of updating the market on potential risk involving cash balances in Venezuelan Bolivares subject to foreign exchange controls.
 
Since 2003, under the foreign exchange control regime imposed by the Venezuelan government, foreign companies that sell their goods and services in Venezuela must obtain government approval to exchange Venezuelan Bolivars into U.S. dollars at the fixed official exchange rate for the purpose of transferring funds out of Venezuela.
 
In recent periods, foreign companies, including airline operators, have experienced increasing delays for such approvals by the Venezuelan authority (the Comisión de Administración de Divisa, or CADIVI), resulting in higher cash balances subject to the exchange controls. As a result of these delays, Copa Holdings’ cash balance in Venezuelan Bolivares has gradually increased to approximately $106 million as of June 30, 2009.
 
Although several airline operators, including Copa Airlines, have recently engaged in ongoing discussions with the Central Bank to expedite the approval process, at this moment we have not been informed as to when or whether we will be able to repatriate funds at the current fixed official exchange rate and could be therefore exposed if there is a devaluation of the Bolivar before such approval.
 
 

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, hereunto duly authorized.
 
 
Copa Holdings, S.A.
(Registrant)
  
       
Date:  25/08/09
By:
/s/ Victor Vial  
    Name:  Victor Vial  
   
Title:     CFO
  
       

 
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