Sri­lankan says...

Daily Mirror (Sri Lanka) - - HEALTHCARE -

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.

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