I do not know what happened there but Avianca is passing over COPA and Delta moving instead to partner with United Airlines.

Dismissing the proposals by the Panamanian company Copa and that of Delta, Avianca Holdings has announced it will start the process of finalizing a strategic and commercial alliance with United Airlines.

Nearly two months after it became known that three airlines were negotiating with Avianca over a potential acquisition processes , the airline announced that “… it has decided to advance the realization of a strategic-commercial long – term alliance with United Airlines, whose terms are still to be negotiated.”

From a statement issued by Avianca Holdings:

AVIANCA MOVES FORWARD IN PROCESS TO PARTNER WITH UNITED AND RECEIVES CAPITALIZATION PROPOSAL FROM SYNERGY GROUP 

 Avianca has reaffirmed its commitment to move forward in the search for a strategic partner. After analyzing the various offers and alternatives presented in this process, Avianca Holdings S.A. has decided to advance the realization of a strategic-commercial long – term alliance with United Airlines, whose terms have yet to be negotiated.  

Avianca believes that this partnership will generate significant growth opportunities, synergies and economies of scale for both companies.  Both Avianca and United are members of Star Alliance, a global alliance that allows services to be delivered in 192 countries through 28 affiliated airlines.  

Source: CentralAmericaData.COM