Group’s legal and financial advisors, White & Case and Rothschild & Co., respectively.

The Steering Committee as a whole comprises ten of the largest members of the Group, with the Group controlling approximately 50% of the aggregate outstanding amount of ISBS.

Earlier, the Finance Ministry said in a statement that the parties failed to come to an agreement on restructuring terms, despite the constructive discussions.

During this period, Sri Lanka, the Steering Committee and its advisors met during a two-day working session in London on 27 and 28 March to discuss the Group’s latest debt treatment proposal. Prior to the meetings, March 15 Sri Lanka had also sent its own debt treatment proposal to the Group’s advisors which was rejected by the Steering Committee.

Also, Sri Lanka rejected last week international bondholders’ proposal to restructure more than $12 billion in debt, putting at risk critical International Monetary Fund support and delaying its efforts to resolve a two-year-long debt crisis.

Iering Committee of the Ad Hoc Group of Bondholders over a three-week period. Sri Lanka was supported by its legal and financial advisors Clifford Chance and Lazard, while the restricted members of the Steering Committee were accompanied by the Group’s legal and financial advisors, White & Case and Rothschild & Co., respectively.

The Steering Committee, consisting of ten major members of the Group controlling approximately 50% of the aggregate outstanding ISBS, failed to reach an agreement on restructuring terms despite constructive discussions, as stated by the Finance Ministry.

During a two-day working session in London on March 27 and 28, Sri Lanka, the Steering Committee, and its advisors discussed the Group’s latest debt treatment proposal. Prior to the meetings, Sri Lanka had submitted its own debt treatment proposal on March 15, which was rejected by the Steering Committee.

Last week, Sri Lanka rejected an international bondholders’ proposal to restructure over $12 billion in debt, jeopardizing critical International Monetary Fund support and delaying efforts to resolve a two-year-long debt crisis.

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