Representatives from the financial and legal advisory firms Lazard and Clifford Chance, hired by Sri Lanka to help manage its debt restructuring efforts, arrived on the island yesterday (14), Prime Minister Ranil Wickremesinghe stated.
Sri Lanka hired the heavyweight financial and legal advisors, France-based financial services provider Lazard, and UK-based law firm Clifford Chance LLP, as it prepares for the difficult task of restructuring its debts.
The Cabinet of Ministers approved the hiring of these two firms for Sri Lanka’s debt restructuring process last month. Lazard is to act as Sri Lanka’s financial advisor to restructure debt, at a cost of $ 5.6 million for its services over four quarters, while Clifford Chance LLP has been appointed as the expert legal advisor for the debt restructuring process.