Hirunews Logo
HiruNews
HiruNews
HiruNews
SriLankan+Airlines+to+be+restructured+under+new+Board+-+Finance+Ministry
Tuesday, 03 April 2018 - 17:03
SriLankan Airlines to be restructured under new Board - Finance Ministry
7

Shares
939

Views
The Finance Ministry says a new Board of Directors under the chairmanship of Ranjit Fernando was at SriLankan Airlines in order to accelerate the restructuring process of the state-owned entity.
 
The Ministry said that the new Board will be entrusted with creating an enabling environment to proceed with entering into a Public-Private- Partnership with a strategic investor.
 
Other Board members appointed included - Mano Tittewella (Ministry of Finance), Dr. Roshan Perera (Central Bank), Air Marshal Kapila Jayampathi (Air Force Commander) and Susantha Katugampala (Lawyer/Barrister).
 
The Finance Ministry said that Fernando was chosen to head the Board based on his experience in transforming the then state-owned National Development Bank where he served from its inception in 1979 until his retirement in 2001.
 
The restructuring and PPP process will continue to be guided by the Officials Committee chaired by the Secretary to the Treasury with the participation of the Secretary, Ministry of Public Enterprise Development and Chairman of the National Agency for Public-Private Partnership (NAPPP), Thilan Wijesinghe.
 
Aviation Consultants, Nyras of UK, hired after a competitive process in November 2017 by the Officials Committee, will continue to report to the Officials Committee.
 
This working arrangement is to ensure shareholder (Treasury) interests are adequately addressed in the restructuring process.
 
The final restructuring plan prepared by Nyras with the assistance of NAPPP has already been presented to the Ministerial Committee and will be submitted to the Cabinet of Ministers for approval upon being endorsed by the new Board of Directors.
 
Nyras has presented a detailed business plan that demonstrates the SriLankan Airlines Group can become viable in the short to medium term through the restructuring strategy.

This has similarities to the strategy adopted by Swiss Air and Aer Lingus, both advised by Nyras that resulted in turning these loss-making airlines into extremely profitable companies.
 
The NAPPP, with the assistance of Nyras, will coordinate the PPP process that will be implemented in parallel with the restructuring process and advice the Ministry of Finance and Officials Committee.
 
The NAPPP will also advise the Officials Committee on the debt restructuring process designed to mitigate any impact on the General Treasury and State Banks, who are the largest lenders to SriLankan Airlines.
Make a Comment
Make a Comment

DOWNLOAD HIRUNEWS APP ON ANDROID & APPLE
You may also like :
HiruNews
Thursday, 16 August 2018 - 16:24
Mangroves play a critical role in maintaining the ecological balance in Sri Lanka's coastal areas.However, some money-hungry people do not understand this.Our... Read More
HiruNews
News Image
Hiru News Programme Segments
HiruNews
HiruNews
HiruNews
HiruNews
HiruNews
HiruNews
HiruNews
HiruNews
HiruNews
153 Views
HiruNews
HiruNews
HiruNews
3,159 Views
HiruNews
HiruNews
HiruNews
7,182 Views
HiruNews
HiruNews
HiruNews
18,575 Views
HiruNews
HiruNews
HiruNews
75 Views
HiruNews
HiruNews
HiruNews
47,716 Views
Top