Copa suffers from delayed Venezuela payments

Dino D'Amore
By Dino D'Amore November 14, 2013 18:28

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 2013.

Dino D'Amore
By Dino D'Amore November 14, 2013 18:28
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