Unique-Sri Lanka picks Lazard, Clifford Probability as advisers for abroad debt restructuring

© Reuters. A person waits inside a three-wheeler close to a line to purchase petrol from a gas station, amid the nation’s financial disaster, in Colombo, Sri Lanka, Might 23, 2022. REUTERS/Dinuka Liyanawatte

By Uditha Jayasinghe and Jorgelina do Rosario

COLOMBO/LONDON (Reuters) – Sri Lanka employed Lazard (NYSE:) and Clifford Probability as monetary and authorized advisers respectively to signify the federal government in talks with worldwide collectors, three sources accustomed to the state of affairs mentioned on Monday.

The sources requested to not be named as a result of talks are personal.

A spokesman for Clifford Probability didn’t instantly reply to a request for remark. Lazard didn’t instantly reply to a request for remark.

The nation is headed for a debt restructuring of over $12 billion on abroad debt as it’s engulfed in a deep financial and political disaster.

The transfer comes after the island nation defaulted on a bond cost final week as a 30-day grace interval expired.

A creditor group of the most important holders of Sri Lanka’s sovereign greenback bonds employed Rothschild & Co as monetary adviser and White & Case as authorized adviser.