Sri Lanka's bondholders submits first debt restructuring proposal to government
After Sri Lanka went into financial default more than a year ago, this is the first bondholder proposal
Representational image. AP File
Washington: A committee of foreign private creditors of Sri Lanka submitted its first proposal for debt restructuring to the government of the island nation to restructure more than $12 billion in outstanding debts, according to three sources with direct knowledge of the situation,
After the island country of 22 million people went into financial default more than a year ago, this is the first bondholder proposal. One of the individuals, who requested anonymity because the conversations are private, described the suggestion as a first step in engaging with the national authorities.
An inquiry for comments was not immediately answered by government representatives. The creditor committee’s representative declined to comment.
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