The Sri Lankan government has appointed Chase Manhattan Bank, consultants SH&E and the local People's Merchant Bank to restructure struggling Air Lanka prior to the sale of 49 per cent of the carrier next year. The consortium must address the carrier's $417 million debts and find an airline partner to take a 40 per cent stake. Employees will receive a further 9 per cent. The government eventually plans to sell off the remainder.
Source: Airline Business