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.
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Copa
Holdings, S.A.
(Registrant)
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Date: 25/08/09
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By:
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/s/ Victor Vial | |
| Name: Victor Vial | |||
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Title: CFO
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