The Cabinet of Ministers has granted approval for the appointment of a committee chaired by Dr. Hans Wijayasuriya to conduct a strategic assessment and restructuring of SriLankan Airlines, according to the President’s Media Division (PMD).
He currently serves as the Presidential Senior Adviser on Digital Economy.
The other members of the committee are:
1. Senior Economic Advisor to the President, Duminda Hulangamuwa
2. Financial and Corporate Strategy Specialist, Deshal De Mel
3. Transaction and Investment Banking, Mergers and Acquisitions Specialist Dumith Fernando, and
4. Secretary to the Ministry of Finance or a representative,
5. Secretary to the Ministry of Transport, Highways and Urban Development/ Representative of the Civil Aviation Authority
6. Chairman of SriLankan Airlines
Legal experts with expertise in corporate, aviation and public law,
Aviation industry experts will be appointed.
The Government has identified a comprehensive strategic review of SriLankan Airlines as an urgent priority, taking into consideration the broader macroeconomic environment.
The main objective of this review is to establish a financially sustainable and commercially efficient national airline while minimizing the long-term financial burden on the State.
Accordingly, it has been determined that the establishment of a committee for the strategic review and restructuring of SriLankan Airlines, in collaboration with the International Finance Corporation (IFC) serving as the transaction advisor, would be most appropriate.
The Committee has been tasked with:
Conducting an independent review and assessment of the strategic outlook and future courses of action;
Providing recommendations on restructuring needs and alternative restructuring models;
Evaluating specific strategic options and recommending the most appropriate course of action that is consistent with the overall objectives of the Government; and
Providing oversight, guidance and support for the selected strategy and implementation methodology determined by the Government of Sri Lanka.
The committee will remain in operation for the duration of the strategic review and restructuring process or until it is officially dissolved by the Government.
