Copa Airlines (CM, Panamá City Tocumen International) has announced it will reduce its Venezuelan operations by 47% with effect from August 1. In a statement, the Panamanian carrier said it intends to reduce its current 3x daily service from Panamá City Tocumen International to Caracas Simón Bolivar to 2x daily with additional plans to terminate its Caracas to Medellín José Maria Córdova, Colombia route outright.
In late May, Pedro Heilbron, the CEO of the airline's parent company, Copa Holdings, said Copa Airlines was owed approximately USD500million in unrepatriated revenue by the Venezuelan authorities.
Recent talks in Caracas between Nicholas Maduro's socialist government and Copa, Delta Air Lines (DL, Atlanta Hartsfield Jackson), and Lufthansa (LH, Frankfurt International), concerning monies owed were described as "positive" but resulted in no agreement.
