Sri Lanka government is grappling to revitalize the state run national carrier, Sri Lankan Airlines by entering into public private partnership with a foreign airline or an aviation company.
The negotiations with TPG Capital to restructure the airline collapsed following due diligence of the struggling airline with US$ 1billion debt burden.
The government has called bids and offered to absorb all the company’s debt. in 2016, and eight parties expressed interest in the deal. . Those included U.S. buyout firm Blackstone Group LP and TPG
The company’s accumulated losses have increased to Rs. 141.1 billion ($879 million) as of March 2017.
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