SriLankan Airlines Creditors Agree to 16% Cut on $175 Million Debt Securities

Kathmandu. SriLankan Airlines, the debt-ridden national flag carrier, announced on Thursday that its creditors have agreed to accept a 16 percent haircut on the principal of its $175 million debt securities. The creditors' agreement to the 16 percent reduction completes the country's debt restructuring process.

The state-owned 'SriLankan Airlines' had also failed to repay its $175 million debt securities maturing in 2024, as the country defaulted on its $46 billion external debt.