Lazard, Clifford Chance reach Sri Lanka to advice on debt restructure says PM

Sri Lanka
By Editor_1
Ranil Wickremesinghe arrives at a Buddhist temple in Colombo on May 12, 2022, shortly after being appointed prime minister for the 6th time. Wickremesinghe on Tuesday (7) warned the next three weeks it will be tough to obtain some essentials and urged people to be united and patient, to use the scarce supplies as carefully as possible and to avoid nonessential travel - Eranga Jayawardena/AP
0

COLOMBO – Representatives from heavyweight financial and legal advisers Lazard and Clifford Chance arrived in Sri Lanka to kick off the restructuring of over $12 billion in debt, the island nation’s prime minister said on Tuesday (14).

The advisers reached the country a week before a delegation from the International Monetary Fund (IMF) is expected in Colombo for bailout talks.

Last month Reuters reported that Sri Lanka had hired Lazard, which has handled debt talks for dozens of crisis-strained countries in recent years, and law firm Clifford Chance to renegotiate its debts.

“We have to restructure our debt. Representatives from Lazard’s and Clifford Chance have arrived in Sri Lanka to advise us on this process,” Prime Minister Ranil Wickremesinghe said in a video statement.

Sri Lanka was officially declared in default for the first time ever after it halted debt payments in May.

-Reuters

Editor_1
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