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                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549

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                                    FORM 6-K

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                            REPORT OF FOREIGN ISSUER

                      PURSUANT TO RULE 13A-16 OR 15D-16 OF
                       THE SECURITIES EXCHANGE ACT OF 1934

            REPORT ON FORM 6-K DATED FOR THE MONTH OF DECEMBER, 2006

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                               COPA HOLDINGS, S.A.
                 (Translation of Registrant's Name Into English)

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       Boulevard Costa del Este, Avenida Principal y Avenida de la Rotonda
                           Urbanizacion Costa del Este
                       Complejo Business Park, Torre Norte
                                 Parque Lefevre
                               Panama City, Panama
                    (Address of principal executive offices)

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      (Indicate by check mark whether the registrant files or will file annual
reports under cover of Form 20-F or Form 40-F.)

                          Form 20-F [X]   Form 40-F [ ]

      (Indicate by check whether the registrant by furnishing the information
contained in this Form is also thereby furnishing the information to the
Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of
1934.)

                                Yes [ ]   No [X]

      (If "Yes" is marked, indicate below the file number assigned to the
registrant in connection with Rule 12g3-2(b);82- )

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Enclosure: Press Release - COPA AIRLINES TAKES DELIVERY OF ITS SIXTH EMBRAER
AIRCRAFT



           COPA AIRLINES TAKES DELIVERY OF ITS SIXTH EMBRAER AIRCRAFT

                   THE AIRLINE'S FLEET NOW TOTALS 30 AIRCRAFT

    PANAMA CITY, Dec. 8 /PRNewswire-FirstCall/ -- Copa Airlines has announced
the arrival of its sixth Embraer 190AR aircraft. The airline now has a total
fleet of 30 aircraft, consisting of 6 Embraer 190 airplanes and 24 Boeing 737
Next Generation aircraft, one of the most modern fleets in the Americas. This is
the 200th aircraft of its 170-190 model family that Brazilian company Embraer
has distributed.

    Copa's latest aircraft acquisition is part of an order placed in October
2004; Copa was the first Latin American airline to order the Embraer 190. "The
Embraer 190 allows us to offer more efficient service to smaller markets and
enables us to add frequencies and destinations in relation to growing demand,"
said Pedro Heilbron, CEO of Copa Airlines.

    Copa's Embraer 190AR is configured with 94 seats, 10 in Clase Ejecutiva
(Business Class) and 84 in economy class in its spacious main cabin. The
aircraft is equipped with high-tech devices such as winglets, highly efficient
GE CF34-10E engines, and Honeywell Corporation's "fly by wire," the most
advanced aviation technology.

    "The Embraer aircraft provides passengers comfortable travel options with
the same level of service as that of our larger aircraft," said Heilbron.

    Copa Airlines, a subsidiary of Copa Holdings, S.A. (NYSE: CPA), is one of
the leading passenger airlines in Latin America. Operating from its strategic
location at the Hub of the Americas in the Republic of Panama, Copa offers more
than 110 daily flights to 36 destinations in 21 countries in North, Central and
South America and the Caribbean. In addition, Copa provides passengers with
access to flights to more than 120 other international destinations through
codeshare agreements with Continental Airlines and other airlines. Copa and
Continental have a strategic alliance that includes joint participation in
Continental's award-winning frequent flyer program, OnePass. For more
information, visit http://www.copaair.com . CPA-G



                                   SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned, hereunto duly authorized.

                                                          Copa Holdings, S.A.
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                                                          (Registrant)

Date:  12/08/2006
                                                          By:    /s/ Victor Vial
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                                                          Name:  Victor Vial
                                                          Title: CFO