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Sri Lanka to Begin Restructuring Talks with Creditors
March 21, 2024
Sri Lanka is expected to start negotiations with global creditors next week for restructuring $12bn of its defaulted debt, according to sources. The group of bondholders known as a steering committee, advised by Rothschild & Co., will weigh the debt restructuring proposal sent by the government last month, ahead of talks next week. The sources added that the goal is to reach a deal quickly, before the country holds the presidential elections later this year. The Sri Lankan government has already struck deals with its official creditors and also with local debtholders.
Sri Lanka’s bonds were broadly stable with its 6.125% 2025s at 56.6 cents on the dollar.
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