SriLankan Airlines has over $1bn in debt and the airline employees are at a risk of losing their jobs if the restructuring measures are not implemented, said Nimal Siripala de Silva, Minister of Ports and Civil Aviation, Sri Lanka said while addressing a press briefing at the Presidential Media centre.
“As of today, SriLankan Airlines has a debt of $ 1.2 billion. Several institutions including local state banks have had to pay the arrears for international bonds and leased aircraft. Also, we have to pay for the fuel that we got without paying money. It is not possible to run an airline in debt like this,” de Silva said. “That is why it was decided to restructure the SriLankan Airlines. The restructuring is done by keeping 51% shares under the government. It has been decided to give 49% to another investor.”
De Silva further emphasized that putting the pressure on Sri Lankan taxpayers and government for maintaining the airline is unfair and that the government is seeking international financial experts to assist in the restructuring process.
As De Silva stressed the importance of splitting SriLankan's shares as part of the restructuring, he also indicated that the government plans to be transparent with the work.