INSUBCONTINENT EXCLUSIVE:
to start debt restructuring talks with the island nation, according to a statement from legal adviser White - Case LLC.Amundi Asset
Management, BlackRock, HBK Capital Management, Morgan Stanley Investment Management and T
outstanding series," the statement added, though it did not specify the percentage of bonds it holds on the outstanding $12.6 billion
overseas sovereign debt.Sri Lanka has hired heavyweight financial and legal advisers Lazard and Clifford Chance as it prepares for the
difficult task of renegotiating its complex web of creditors, including bilateral lending from Japan, India and China.The creditor group
package of meaningful reforms and fiscal adjustments."Economic mismanagement and the COVID-19 pandemic hit have left the country of 22
million people battling its worst financial problems since its independence in 1948, and a lack of foreign exchange reserves has stalled
imports of essentials including fuel, food and medicines.Late Tuesday, a privately held bondholder sued Sri Lanka in the U.S
demanded immediate payment of $257.5 million of principal plus interest, saying Sri Lanka had stopped servicing its sovereign debt and
missed payments on two other bonds, causing a cross-default.An International Monetary Fund (IMF) staff mission arrived in Sri Lanka early
This article first appeared/also appeared in https://adaderana.lk
