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COPA Airlines Faces the Pandemic Head-on: Re-Opening Schdule, Restructuring, Downsizing, Asset Storage, etc.


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Subject to obtaining the required approvals, COPA's tentative plan is to restart flying on June 1, with 50 destinations served at the outset.

The preliminary weekly schedule was published today by La Prensa: the table notes destination cities and the number of weekly flights planned for each.

 

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Copa boosts liquidity with $350 million bond issue

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Posted 29/04/2020

Copa Holdings, the parent company of  Copa Airlines and Wingo,  obtained financing of more than $645 million this month  to  face the effects of the coronavirus (Covid-19) pandemic

On Tuesday, April 28   the company that has a  fleet of 102 aircraft parked at Tocumen International Airport, obtained $350  million from a bond issue at an annual rate of 4.5% with maturity in 2025.

Interest will be paid semi-annually on April 15 and October 15 of each year, beginning in October 2020.

"The notes will mature on April 15, 2025, unless they are repurchased, exchanged or converted before October 15, 2024," the airline group said.

Pedro Heilbron, executive president of Copa Airlines said: "It reflects the severity with which this situation has impacted us, since we have not received income since mid-March while maintaining high fixed costs."

Copa Holdings estimates that if it continues without income for the rest of the year, as has happened since March 22 it will have to allocate or 'burn', $82 million a month in fixed expenses.

In addition to the $350 million dollars placed Tuesday, the company obtained in April $145 million in loans and another $150 million in unsecured credit lines.

According to preliminary data for the first quarter of the year, Copa Holdings' revenues decreased 11.4% to $595.5 million, which left an operating profit of $98.7 million.

At the start of the month, the company projected that over the next two years, income will fall 70%, about $2 billion dollars.

The airline is in negotiation with the five unions that represent  60% of its workers, that have rejected the voluntary retirement plan proposed by the company and the suspension of contracts from May.

Copa Airlines announced last week that if there are no new travel restrictions in the region, it will resume operations on June 1.

Given the low demand in the coming months, it will only be operating only 12% of its fleet. Before the pandemic, the airline performed 350 operations a day.

 

https://www.newsroompanama.com/business/copa-boosts-liquidity-with-350-million-bond-issue

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Copa se ve obligada a cambiar planes de reinicio

La reactivación de los vuelos comerciales será tímida debido a las secuelas que ha dejado la Covid-19. La empresa ofrece nuevos planes de retiro a sus trabajadores tras la paralización decretada desde el 22 de marzo pasado.
 
Alex E. Hernández V.
29 jul 2020 - 12:00 AM

https://www.prensa.com/impresa/economia/copa-se-ve-obligada-a-cambiar-planes-de-reinicio/

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Copa Airlines vende a la australiana Alliance Airlines su flota de 14 Embraer

Copa dijo en una declaración pública que se estima que para junio del 2021 se concretará "la entrega total de la flota de 14 aeronaves"

Por EFE Servicios

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Copa Airlines vende a la australiana Alliance Airlines su flota de 14 Embraer.Cedida

Copa Airlines vendió a la australiana Alliance Airlines sus 14 aviones Embraer 190, como parte de las medidas para ajustar el tamaño de su flota a la demanda reducida de viajes ocasionada por los efectos de la pandemia de la COVID-19 en la industria aérea, informó este viernes la compañía panameña.

El primero de estos aviones, con matrícula HP-1569, partió este viernes desde el aeropuerto internacional de Tocumen, el principal de Panamá y un importante centro de conexiones regional, hacia San José, Costa Rica, donde lo recibirán pilotos de la aerolínea Alliance Airlines, quienes la llevarán a su destino final en Australia.

Copa dijo en una declaración pública que se estima que para junio del 2021 se concretará "la entrega total de la flota de 14 aeronaves Embraer 190 vendida a Alliance Airlines", que tiene su sede en Brisbane, Australia.

En 2005 Copa Airlines se convirtió en la primera aerolínea en Latinoamérica y la segunda en el mundo en integrar a su flota los modernos Embraer 190, una flota que le permitió a la aerolínea panameña conectar a ciudades más pequeñas con el resto del continente.

"El Embraer-190 nos permitió llevar servicio internacional de calidad a nuevas ciudades que no estaban conectadas con el resto del continente, brindándoles mayores oportunidades para el desarrollo comercial y crecimiento turístico", comentó el presidente ejecutivo de Copa Airlines, Pedro Heilbron.

Incluir esta aeronave a la flota "fue una de las decisiones más importantes" de Copa Airlines, debido a que impulsó el crecimiento de la empresa "por 15 años y contribuyó a convertir a Panamá en el país mejor conectado de la región", agregó.

"Con esta despedida, la Aerolínea inicia un proceso de ajuste del tamaño de su flota a una demanda reducida de viajes que se espera para los siguientes años, debido a los efectos de la COVID-19 en la industria aérea y en las economías de la región".

En el marco de la crisis por la pandemia, que en el segundo trimestre de 2020 causó una pérdida neta de 386 millones de dólares a la aerolínea, Copa había anunciado meses atrás su decisión de vender la flota de Embraer y de dejar en tierra 16 Boeing 737-700.

"Los expertos coinciden que va a tomar por lo menos 4 años volver a los niveles anteriores de la pandemia. En nuestro caso, estimamos que para finales de 2020 estaremos aproximadamente al 30 % de nuestra capacidad que solíamos tener pre COVID-19. Para el 2021, estimamos operar poco más del 40 %, es decir, vamos a estar a menos de la mitad de lo que teníamos", le dijo Heilbron a EFE en una entrevista en agosto pasado.

 

Moderator comment: Below is an unedited automated translation of the above news article.

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Copa Airlines sells its fleet of 14 Embraers to Australia's Alliance Airlines

Copa said in a public statement that it is estimated that by June 2021 "the total delivery of the fleet of 14 aircraft" will be completed.

By EFE Services
Updated 09/18/2020 5:35 PM

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Copa Airlines sells its fleet of 14 Embraers to the Australian Alliance Airlines.

Copa Airlines sold its 14 Embraer 190 aircraft to Australia's Alliance Airlines, as part of the measures to adjust the size of its fleet to the reduced demand for travel caused by the effects of the COVID-19 pandemic in the airline industry, it reported. this Friday the Panamanian company.

The first of these aircraft, with registration HP-1569, departed this Friday from Tocumen international airport, the main one in Panama and an important regional connection center, to San José, Costa Rica, where it will be received by pilots from Alliance Airlines. , who will take it to its final destination in Australia.

Copa said in a public statement that it is estimated that by June 2021 "the total delivery of the fleet of 14 Embraer 190 aircraft sold to Alliance Airlines", which is based in Brisbane, Australia, will be completed.

In 2005 Copa Airlines became the first airline in Latin America and the second in the world to integrate the modern Embraer 190 into its fleet, a fleet that allowed the Panamanian airline to connect smaller cities with the rest of the continent.

"The Embraer-190 allowed us to bring quality international service to new cities that were not connected to the rest of the continent, providing them with greater opportunities for business development and tourism growth," said Copa Airlines CEO Pedro Heilbron.

Including this aircraft in the fleet "was one of the most important decisions" of Copa Airlines, because it boosted the company's growth "for 15 years and contributed to making Panama the best-connected country in the region," he added.

"With this farewell, the Airline begins a process of adjusting the size of its fleet to a reduced demand for travel that is expected for the following years, due to the effects of COVID-19 in the airline industry and in the economies of the region".

In the context of the crisis due to the pandemic, which in the second quarter of 2020 caused a net loss of 386 million dollars to the airline, Copa had announced months ago its decision to sell the Embraer fleet and to land 16 Boeing 737-700.

"Experts agree that it will take at least 4 years to return to the previous levels of the pandemic. In our case, we estimate that by the end of 2020 we will be approximately 30% of our capacity that we used to have pre COVID-19. In 2021, we estimate to operate just over 40%, that is, we will be less than half of what we had, "Heilbron told EFE in an interview last August.

 

https://www.laestrella.com.pa/economia/200918/copa-airlines-vende-australiana-alliance-airlines-flota-14-embraer

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Copa Airlines almacenará aviones fuera de Panamá

La compañía aérea enviará 16 aviones al desierto de Nuevo México, donde el clima seco evita el deterioro de las aeronaves. Otro grupo estará en aeropuertos cercanos a Panamá.
 
Alex E. Hernández V.
19 sep 20 20 - 12:00 AM

https://www.prensa.com/impresa/economia/copa-airlines-almacenara-aviones-fuera-de-panama/

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Copa Airlines resumes operations from Orlando

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Copa Airlines

By Cindy Barth  – Editor, Orlando Business Journal

After five months of disrupted travel service as a result of the Covid-19 pandemic, Panama-based Copa Airlines announced plans to resume operations from Orlando International Airport with connections to nine destinations in eight countries in the Americas.

Initially, Copa will operate up to four weekly flights connecting from Orlando via Tocumen International Airport in Panama on: 

  • Sept. 4: Santo Domingo, Dominican Republic; Quito and Guayaquil, Ecuador; and Panama City, Republic of Panama
  • Sept. 11: San Jose, Costa Rica; Santo Domingo, Dominican Republic; Quito and Guayaquil, Ecuador; Panama City, Republic of Panama and Montevideo, Uruguay
  • Sept. 18 (two flights): San Jose, Costa Rica; Santo Domingo, Dominican Republic; Quito and Guayaquil, Ecuador and Panama City, Republic of Panama
  • Sept. 23: Buenos Aires, Argentina; Sao Paulo, Brazil; Santiago de Chile, Chile and Panama City, Republic of Panama
  • Sept. 24: Santo Domingo, Dominican Republic; Quito and Guayaquil, Ecuador and Panama City, Republic of Panama
  • Sept. 25 (two flights): San Jose, Costa Rica; Santo Domingo, Dominican Republic; Quito and Guayaquil, Ecuador and Panama City, Republic of Panama

The airline also noted that entry to Argentina, Chile, Panama, Costa Rica and Uruguay will only be allowed for nationals and residents that comply with the requirements determined by the local health authorities.

“We hope that resuming our operations will help thousands of passengers who wish to return to their homes, reunite with their families, attend to health issues and important meetings, as well as family or professional commitments,” said Pedro Heilbron, CEO of Copa Airlines. “We continue working with governments across the region to expand the total number of destinations."

 

https://www.bizjournals.com/orlando/news/2020/09/07/copa-airlines-resumes-operations-from-orlando.html

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Copa begins transfers of planes sold to Aussie airline

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Posted 18/09/2020

Copa Airlines began the withdrawal of its 14 Embraer 190 model aircraft,  on Friday, September 13 with the departure of the first to Costa Rica, where it will be delivered to pilots of the Alliance Airlines airline, who will take it to Australia, their final destination. 

In 2005, Copa Airlines became the first in Latin America and the second in the world to integrate the Embraer 190 into its fleet.

It marked a milestone in the history of the Panamanian airline, allowing them to serve dozens of cities throughout the continent that did not have connectivity with the rest of America, providing them with more opportunities for commercial development and tourism growth.

Since the beginning of the coronavirus pandemic, Copa Airlines has maintained its fleet of 102 aircraft parked in Tocumen, and it was not until August 14 that it began to offer flights within the controlled operation authorized by the Government to facilitate the entry of Panamanians and residents. . Between April and August the company carried out humanitarian and repatriation flights from the Tocumen International Airport.

In addition to the retirement of the Embraer fleet, Copa will also retire 14 Boeing 737-700 aircraft.

 

https://www.newsroompanama.com/business/copa-begins-transfers-of-planes-sold-to-aussie-airline

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Copa  expanding flights in October towards 40% operation

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Posted 19/09/2020

Copa Airlines aims to achieve a 40% operation by the end of the year meanwhile it will send 16 aircraft to the Roswell desert, New Mexico, United States, where they will remain in storage. Additionally, the company accelerated the sale of another 28 aircraft and will keep another 52 units parked in the short term at other airports in the region, and as demand grows they will be activated.

The 16  aircraft are being sent to the United States because the desert climate does not affect the structure and system of the aircraft, as occurs in Panama with humidity and rain.

A specialized service provider, which will be responsible for doing the required preservation maintenance.

The first two planes were dispatched to the desert this week while the transfer of the 14 Embraer 190 planes that Copa sold to the Australian airline Alliance Airlines, began.  

Copa Airlines has increased the number of frequencies since the “controlled mini-hub of connections” began to operate, set up by the Government to facilitate the entry and exit of Panamanians and residents.

To date, the company offers connections to 14 destinations and in October it will add 12 new frequencies. The company is registering an occupancy of more than 60% and on flights to and from Panama, the connection with the highest demand is Miami and New York,

 

https://www.newsroompanama.com/travel/copa-expanding-flights-in-october-towards-40-operation

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Tampa-Panama flights resume Friday, reopening routes to Central, South America

Tampa International Airport’s flights to to Panama City had been suspended during the coronavirus pandemic.

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Copa Airlines will resume direct service from Tampa to Panama City, Panama on Jan. 8, 202
 
Published Jan. 7
 
For Tampa-based travelers, the world is starting to reopen.

Following a 10-month hiatus due to the coronavirus pandemic, Copa Airlines will resume its direct flights from Tampa International Airport to Panama City, Panama on Friday. The flights will initially run twice weekly.

The resumption of direct flights to Panama also means new routes to Central and South America and the Caribbean, as Tampa travelers can be connected to 21 more cities in 12 additional countries.

Among the connections that will available from Tampa via Copa Airlines: Argentina, Bolivia, Brazil, Chile, Colombia, Costa Rica, the Dominican Republic, Ecuador, Peru, Guatemala and Uruguay. Travel safety and security requirements for specific destinations are available on copaair.com.

“These flights will allow Copa Airlines to serve thousands of passengers who wish to return to their homes, reunite with their families, visit their favorite vacation destinations, address health issues, attend important meetings, family, or professional matters,” Pedro Heilbron, CEO of Copa Airlines said in a statement.

Overseas travel from Tampa International Travel has been limited during the pandemic, but has picked up over the year. The airport currently offers direct flights to Cancun, Mexico on JetBlue and the Bahamas on Silver Airways.

Flights to Montreal and Havana, Cuba took place in December before halting again until February and late March, respectively, due to tightened COVID-19 protocols.

 

https://www.tampabay.com/news/business/2021/01/07/tampa-panama-flights-resume-friday-reopening-routes-to-central-south-america/

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Copa Holdings $168.6 million fourth quarter revenue

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Posted 11/02/2021

Copa Holdings reported revenues of $158.6 million in the fourth quarter of 2020 far from the $681 million in the same period in 2019 but a huge improvement compared to the $32 million obtained in the third quarter of 2020.

The $158.6 million surpassed the estimate of $ 155 million held by investors on Wall Street.

The company's shares closed at $77.56, but in subsequent operations, they had fallen $1.37% once the balance for the fourth 2020 was known.

 Panama allowed the return of regular commercial flights on October 12,  a situation that affected the finances of the air group that manages the operations of Copa Airlines and Wingo.

In total, 2020 revenue closed at $801 million, a 70% drop compared to $2.707 billion the previous year.

The fall in the company's income is in line with the decrease in passenger traffic reported by Tocumen SA last year, which closed at 72%.

In its fourth-quarter report, Copa Holdings reported a loss of $85 million the months of October, November and December, while in the combined 12 months, the losses totaled $259 million after a profit of $336 million in 2019.

In its report, Copa Holdings reported that last December it obtained from the Export-Import Bank of the United States a guaranteed loan fof $327.9 million that will be used to acquire seven Boeing 737 MAX 9 aircraft, of which four have already been delivered.

 

https://www.newsroompanama.com/business/copa-holdings-1686-million-fourth-quarter-revenue

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