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Exclusive-Sri Lanka picks Lazard, Clifford Chance as advisers for overseas debt restructuring


© Reuters. A man waits in a three-wheeler at a petrol station to purchase petrol, during the country’s financial crisis. This is Colombo (Sri Lanka), May 23, 2022. REUTERS/Dinuka Liyanawatte

Jorgelina do Rosario and Uditha Jasinghe

COLOMBO/LONDON – Sri Lanka appointed Clifford Chance (NYSE:) & Lazard (NYSE.) to serve as financial and legal advisors, respectively. They will represent the government at talks with international creditors. Three sources who are familiar with the situation stated Monday.

Because talks are confidential, the sources requested not to be identified.

Clifford Chance’s spokesperson did not respond to our request for comment immediately. Lazard didn’t immediately reply to our request for comment.

As the country faces a severe economic and political crisis, it will need to restructure its debts.

After the country defaulted on its bond payment, the 30-day grace period ended.

A creditor group of the largest holders of Sri Lanka’s sovereign dollar bonds hired Rothschild & Co as financial adviser and White & Case as legal adviser.