Sunday 13 June 2021

Coronavirus May Clip Copa Airlines’ Wings

Copa Airlines, the flag carrier of Panama, with US$1.1 billion dollars in cash has liquidity problems, like other Latin American airlines.

Copa Airlines, the flag carrier of Panama, may not have enough liquidity to survive the Coronavirus crisis despite lowering costs, the company said in a statement.

It would be the second Latin American airline to suggest that it can cease to exist due to the pandemic, following Colombia’s Avianca.

- Advertisement -

Read more: Middle seat will “disappear” from planes for a long time, experts predict

“Even after implementing our cost-saving initiatives, we may not have sufficient liquidity to operate our business,” Copa said.

The company could consume almost 70% of its available cash by the end of the year, as reported by Reuters.

Copa (Compañía Panameña de Aviación, S.A., founded June 21, 1944, and headquartered in Panama City, Panama, with its main hub at Tocumen International Airport) noted that it has US$1.1 billion in cash, but that it expects to spend more than US$750 million in the next nine months.

- Advertisement -

“It is possible that our monthly cash burn rate is significantly higher than the levels we currently anticipate,” he explained.

The airline seeks to sell some US$350 million in five-year bonds that can be converted into shares, which unlike many competitors have not yet sought a bailout, fell more than 12% in New York.

- Advertisement -

FACT CHECK:
We strive for accuracy in its reports. But if you see something that doesn’t look right, send us an email. The Q reviews and updates its content regularly to ensure it’s accuracy.

Ricohttp://www.theqmedia.com
"Rico" is the crazy mind behind the Q media websites, a series of online magazines where everything is Q! In these times of new normal, stay at home. Stay safe. Stay healthy.

Related Articles

MOST READ

Today’s Vehicle Restriction: June 11, “EVENS”

Today, Friday, June 11, only EVENS can circulate. The measure is countrywide and applied between 5:00 am and 9:00 pm, save for those under the...

Quepos flooded by heavy rains (Photos)

QCOSTARICA - The residents of the Central Pacific endured heavy rains Monday afternoon, June 7, hardest hit the town of Quepos, where the streets...

Tilaran, where the wind blows

QCOSTARICA - For years, Tilarán has seen the transit of tourists heading towards Lake Arenal, the homonymous volcano and La Fortuna or towards Monteverde. At...

Costa Rica cannot feel safe from covid-19 before having about 80% of population vaccinated

QCOSTARICA - No doubt, vaccines are one of the most powerful tools to maintain control of Covid-19, but when it comes to entire populations,...

Tourism sector feels in crisis despite increase in international arrivals

QCOSTARICA - Despite the improvement in tourist arrivals reported in May, with more than 72,000 visitors, both the Cámara Nacional de Turismo (Canatur) and...

5.7 Quake jolts Costa Rica

2021-06-10 17:27:0.5, Magnitude: 5.76, Depth 10.0 km, Epicenter: 95.5 km Southwest Malpais de Puntarenas. The jolt was felt also in the Central Valley. No reports...

On Monday the vehicle restriction will change, again

QCOSTARICA - In times of pandemic, things change constantly, especially when it is necessary to tighten the belt to reduce the contagion of covid-19. The...

Today’s Covid News: A slight drop in new cases and deaths is seen

QCOSTARICA - Faced with wasting a vaccine dose when people in the priority groups scheduled do not show up, and a substitute cannot be...

Nicaragua’s Foreign Minister absent from the summit of Central American presidents

QCOSTARICA - The Daniel Ortega government sent its ambassador to Costa Rica, Duilio Hernández, as its representative to the summit of Central American presidents...

WANT TO STAY UP TO DATE WITH THE LATEST!

Get our daily newsletter with the latest posts directly in your mailbox. Click on the subscribe and fill out the form. It's that simple!

Log In

Forgot password?

Forgot password?

Enter your account data and we will send you a link to reset your password.

Your password reset link appears to be invalid or expired.

Log in

Privacy Policy

Add to Collection

No Collections

Here you'll find all collections you've created before.