A new Board of Directors under the Chairmanship of Mr. Ranjit Fernando has been appointed at SriLankan Airlines in order to accelerate the restructuring process and create the enabling environment to proceed with entering into a Public-Private-Partnership with a strategic investor, the Ministry of Finance said today.
Other members appointed to the board include Mr. Mano Tittewella (Ministry of Finance), Dr. Roshan Perera (Central Bank), Air Marshal Kapila Jayampathi (Air Force Commander) and Mr. Susantha Katugampala (Lawyer/Barrister).
The restructuring and PPP process will continue to be guided by the Officials Committee chaired by the Secretary to the Treasury with the participation of the Secretary, Ministry of Public Enterprise Development and Chairman of the National Agency for Public Private Partnership (NAPPP), Mr. Thilan Wijesinghe. Mr. Wijesinghe serves as the Convener of the Officials Committee.
The Officials Committee, set up in September 2017, will continue to refer required areas for direction by the Ministerial Committee chaired by the Hon. Prime Minister and for implementation by the Board of SriLankan Airlines. Aviation Consultants, Nyras of UK, hired after a competitive process in November 2017 by the Officials Committee, will continue to report to the Officials Committee. This working arrangement is to ensure shareholder (Treasury) interests are adequately addressed in the restructuring process.
The NAPPP, with the assistance of Nyras, will coordinate the PPP process that will be implemented in parallel with the restructuring process and advise the Ministry of Finance and Officials Committee. The NAPPP will also advise the Officials Committee on the debt restructuring process designed to mitigate any impact on the General Treasury and State Banks, who are the largest lenders to SriLankan Airlines.
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