The government has reportedly hired Lazard and Clifford Chance as financial and legal advisers respectively to represent Sri Lanka in talks with international creditors.
The Reuters News Agency quoting its sources said the government has picked heavyweight financial and legal advisers Lazard and Clifford Chance as it prepares for the difficult task of renegotiating its debts.
Sri Lanka is headed for a debt restructuring of over USD12 billion on overseas debt as the country is engulfed in a deep economic and political crisis.
The move comes after Sri Lanka defaulted on a bond payment last week as a 30-day grace period expired.
A creditor group of the largest holders of Sri Lanka’s sovereign dollar bonds hired Rothschild & Co as financial adviser and White & Case as legal adviser.