Copa suffers from delayed Venezuela payments

Copa Airlines has state that the delay in getting its funds repatriated from Venezuela has doubled from a six to seven months. Venezuela is behind in payments to various foreign companies as the government limits access to dollars and inflation rises to 16-year high. “We know we’re going to get it out eventually, but its taking a while,” Copa’s Chief Executive Officer Pedro Heilbron said. “Even with that money stuck in Venezuela, our cash position is still strong.” Copa Airlines received $153.5 million from Venezuela’s currency board in 2012 after getting $472 million from 2004-2011; there are no details for