May 24, 2022

Cabinet approval for international financial & legal advisors

Cabinet approval has been granted to seek the assistance of an International Financial Advisor, and an International Legal Advisor for the debt restructuring process.

A document from the Department of Government Information noted that 28 proposals were received for an International Financial Advisor, and 23 proposals were received for an International Legal Advisor.

Accordingly, the Cabinet of Ministers had decided to hire financial and legal advisers Lazard and Clifford Chance for the difficult task of renegotiating its debt.

Lazard, the world’s leading financial advisory and asset management firm, advises on mergers, acquisitions, restructuring, capital structure and strategy.

Clifford Chance is one of the world’s pre-eminent law firms, with significant depth and range of resources across five continents.

Speaking at today's Cabinet briefing, Cabinet spokesman - Minister Bandula Gunawardena said that the proposed total cost for these services for a period of four quarters of a year is USD 5.6 million.