• Agree to include Governance-link terms of one or more series of the plain vanilla bond instruments

The Government and restricted members of Ad Hoc Group of Bondholders on Tuesday concluded restricted discussions on the restructuring of debt.

Talks were held between 21 June and 2 July with nine committee members who agreed to take part in the restricted discussions of its International Sovereign Bonds (ISBs). 

Sri Lanka’s Financial Advisors, Clifford Chance LLP and Lazard, respectively, and the restricted members of the Steering Comm. Group’s Legal and Financial Advisors, White & Case and Rothschild & Co., respectively. 

The Steering Committee as the largest members of the Group, with the Group controlling approximately 50% of the aggregate outstanding amount.

During the Restricted Period, Sri Lanka, the Steering Committee and its advisors met during a two-day working session. At the conclusion of the meetings, Sri Lanka is pleased to report that, following agreed core financial terms of a restructuring of the ISBs, the terms of which are embodied in a Joint Working Framework.

In addition, the parties agreed to include Governance-link terms of one or more series of the plain vanilla bond instruments that form part of the Joint Working Framework.

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