The committee comprises Presidential Senior Economic Advisor Duminda Hulangamuwa, finance and corporate strategy expert Deshal de Mel, transaction and investment banking, mergers and acquisitions specialist Dumith Fernando, the Secretary to the Ministry of Finance or a representative, the Secretary to the Ministry of Transport, Highways and Urban Development or a representative of the Civil Aviation Authority, the Chairman of SriLankan Airlines, as well as legal experts with expertise in corporate, aviation and public law, together with specialists from the aviation industry.
The Government has identified a comprehensive strategic review of SriLankan Airlines as an urgent priority, taking into account the broader macroeconomic environment. The primary objective of the review is to establish a financially sustainable and commercially efficient national carrier while reducing the long-term financial burden on the State.
Accordingly, the committee will work in collaboration with the International Finance Corporation (IFC), which has been appointed as the Transaction Advisor for the restructuring process.
The committee has been tasked with conducting an independent review and assessment of the airline’s strategic direction and future course, recommending restructuring requirements and possible restructuring models, evaluating strategic options and identifying the most suitable course of action in line with the Government’s overall objectives, and providing oversight, guidance and support for the implementation of the strategy selected by the Government.
The committee will remain in operation throughout the strategic review and restructuring process, or until it is officially dissolved by the Government of Sri Lanka.
