Copa chief executive Pedro Heilbron, meanwhile, said on the sidelines of the forum that the Panamanian carrier has decided to leave SkyTeam and is in exclusive talks with Star.

Heilbron says Copa has no "commercial choice" but to leave SkyTeam because its main partner, Continental, decided earlier this year to leave SkyTeam for Star. Continental sponsored Copa's entrance into SkyTeam. Continental is scheduled to formally leave SkyTeam for Star late next year but Heilbron says "we have some time" to decide what it should do.

"We're looking at all our options," he says. "We won't rush it."

But those options do not include staying in SkyTeam or joining oneworld, according to Heilbron. So it seems the only thing Copa needs to decide is whether it should join Star as a full or regional member and when it should make the switch. Copa is now an affiliate of SkyTeam rather than a full member.