Sri Lanka’s Cabinet has approved taking over debts of USD510 million from SriLankan Airlines and providing USD60-70 million in working capital over the next six months.
The decision aims to improve the financial situation of the flag carrier and attract a high-quality investor, with all proceeds from the privatisation intended for the government treasury.
The expressions of interest (EOI) deadline for the privatisation process has been extended for the fourth time, now set for April 22 by the Enterprise Restructuring Unit (ERU).
The ERU extended the deadline following a request from the International Finance Corporation (IFC), which is advising on the transaction, leading to adjustments in the sale process timeline, including delays in data room opening, bid submissions, evaluation, and selection of the successful bidder.
