Emirates, Etihad Airways and the Adani Group are among sixteen (16) prospective bidders seeking a stake in SriLankan Airlines (SLA), it was reported.
According to the Sunday Times, top Aviation Ministry sources have revealed that they are among the bidders who have expressed interest in phase 1 of the process for the divestiture of the debt-ridden national carrier.
It is reported that phase 1 of SriLankan Airlines’ restructuring process has ended with the closing of bids for the divestiture of the airline and the selection of prequalified bidders’ is now underway. The privatisation of the national carrier is slated to be finalised by June 30, 2024.
A special team of experts in the aviation field is engaged in the evaluation of bids to select prequalified bidders and to shortlist them soon, with the Aviation Ministry sources stating that an international consultant has also been appointed to guide the restructuring process of SriLankan Airlines.
The divestiture is planned to be completed through a two-stage competitive bidding process; RFQ (Request for Qualification) and RFP (Request for Proposals for the Proposed Transaction), with reports that phase one of the divestment process RFQ being completed.
SriLankan Airlines carries a debt of US$ 1.2 billion, owed to various organisations, including local state banks, accumulated unpaid fuel bills, outstanding payments for international bonds and leased aircraft, and an accumulated loss of Rs. 594.4 billion. (NewsWire)