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Proc-Type: 2001,MIC-CLEAR
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<SEC-DOCUMENT>0001275287-06-001050.txt : 20060223
<SEC-HEADER>0001275287-06-001050.hdr.sgml : 20060223
<ACCEPTANCE-DATETIME>20060223131531
ACCESSION NUMBER:		0001275287-06-001050
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20060223
FILED AS OF DATE:		20060223
DATE AS OF CHANGE:		20060223

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:		06638714

	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
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>ch4922.htm
<DESCRIPTION>FORM 6-K
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<p  align="center"><font size="5" face="Times New Roman"><b>SECURITIES AND EXCHANGE COMMISSION<br> </b></font>
<font size="3"><b>Washington, D.C. 20549</b></font></p>

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<p  align="center">
<font size="5" face="Times New Roman"><b>FORM 6-K</b></font></p>
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<font size="3" face="Times New Roman"><b>Report of Foreign Private Issuer<br> Pursuant to Rule 13a-16 or 15d-16 of the<br> Securities Exchange Act of 1934</b></font></p>
<p  align="center">
<font size="2" face="Times New Roman"><b>For the month of February, 2006</b></font></p>
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<font size="2" face="Times New Roman"><b>Commission File Number 001-32696</b></font></p>
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<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
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<font size="6" face="Times New Roman"><b>COPA HOLDINGS,   S.A.</b></font></p>  </td>
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<font size="2" face="Times New Roman"><i>(Exact name of registrant as specified in its charter)</i></font></p>  </td>
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<font size="2" face="Times New Roman"><b>Boulevard Costa del Este, Avenida Principal   y Avenida de la Rotonda</b></font></p>  </td>
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<font size="2" face="Times New Roman"><b>Urbanizaci&#243;n Costa del Este</b></font></p>  </td>
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<font size="2" face="Times New Roman"><b>Complejo Business Park, Torre Norte</b></font></p>  </td>
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<font size="2" face="Times New Roman"><b>Parque Lefevre</b></font></p>  </td>
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<font size="2" face="Times New Roman"><b>Panama City, Panama</b></font></p>  </td>
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  <p  align="center"><font size="2" face="Times New Roman"><i>(Address of principal executive office)</i></font></p>  </td>
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<font size="2" face="Times New Roman">Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.</font></p>
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<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
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<font size="2" face="Times New Roman">Form&nbsp;20-F</font></p>  </td>
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<font size="2" face="Wingdings">x</font></p>  </td>
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<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
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<font size="2" face="Times New Roman">Form&nbsp;40-F</font></p>  </td>
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<font size="2" face="Wingdings">o</font></p>  </td>
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<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
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<font size="2" face="Times New Roman">Indicate by check mark 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.</font></p>
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<font size="2" face="Times New Roman">Yes</font></p>  </td>
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<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
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<font size="2" face="Times New Roman">No</font></p>  </td>
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<font size="2" face="Wingdings">x</font></p>  </td>
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<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
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<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
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<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
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<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
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  <p  align="center"><font size=1 face="Times New Roman">&nbsp;</font></p> </td>
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<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
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<PAGE>
<br>

<p  align="center">
<font size="2" face="Times New Roman"><b>Compan&#237;a Paname&#241;a de Aviaci&#243;n S.A. and its Mechanics&#146; Union (SINTECMAP)<br> enter into mandatory arbitration process</b></font></p>
<p>
<font size="2" face="Times New Roman">Compa&#241;&#237;a Paname&#241;a de Aviaci&#243;n, S.A., a subsidiary of Copa Holdings, S.A., entered into mandatory arbitration process on February 20, 2006. This arbitration process, declared by the General Director of Labor of Panama, immediately suspended the mechanics&#146; union strike that was filed with the Ministry of Labor on February 10, 2006 and was to be effective as of February 20, 2006 at 1:00 pm. </font></p>
<p>
<font size="2" face="Times New Roman">Under the Labor Code of the Republic of Panama, once arbitration is declared, the parties must each designate one arbitrator within two days. The two arbitrators will then designate a third arbitrator, who acts as the President of the Court of Arbitration. &nbsp;Two days after the President of the Court of Arbitration is appointed, a schedule will be set indicating the time of the hearing. The Court of Arbitration will issue its opinion ten days after the hearing. This arbitration process will decide on the 9 remaining points of the 78 points originally covered in the collective bargaining negotiations. The Court of Arbitration&#146;s opinion is binding and final. </font></p>


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<p  align="center"><font size="2" face="Times New Roman"><b>Signature</b></font></p>
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<font size="2" face="Times New Roman">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, thereunto duly authorized.</font></p>
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<font size="2" face="Times New Roman">Date: February 23, 2006</font></p>
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<font size="2" face="Times New Roman">COPA HOLDINGS, S.A.</font></p>  </td>
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<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
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<font size="2" face="Times New Roman">By:</font></p>  </td>
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<font size="2" face="Times New Roman">/s/ Victor Vial</font></p>  </td>
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<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
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<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
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<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
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<font size="2" face="Times New Roman">Victor Vial</font></p>  </td>
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  <p><font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
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  <p><font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
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  <p><font size="2" face="Times New Roman">CFO</font></p>  </td>
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