The airline is also saddled with a debt pile to the tune of US $ 750 million and has a negative net worth of US $ 400 million.
The new director board is currently considering a restructuring plan for the airline drawn by the Uk-based consultants Nyras and the new Chairman Fernando is hopeful that they would be able to return the airline to black in three years. He said the restructuring would take into account every facet of the company, including finance, human resources, aircraft and routes. He said the airline is overstaffed with over 7,000 employees.
The new board also expects to directly negotiate with Airbus to cancel a US $ 720 million contract for four A350s with little or no cost to the government.
The lease of four similar aircraft was cancelled recently at a cost of US $ 115 million to the airline. Both these contracts were entered into in 2014 by the previous Rajapaksa administration.