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Cash-strapped SriLankan fails to find partner

27 Apr 2019

By Skandha Gunasekara The Government is yet to find a partner for cash-strapped SriLankan Airlines. State Minister of Finance Eran Wickremeratne told The Sunday Morning that the carrier had just begun implementing its new business plan. “The business plan seeks to improve performance and increase yield as well as to reduce costs,” the Minister said. He said that the restructuring process was under way as well. “The restructuring process has just begun and we have high expectations for the carrier thereafter,” he said. He added that a foreign investment partner would only be sought once the restructuring process had been completed. “In the past, the national carrier had attempted to find investors in a hasty manner and it has always ended in failure. Therefore, this time around, we are going to carry out a proper restructuring process and then look for a foreign investor to work alongside us,” the Minister said. The Minister also confirmed last week’s article which appeared in The Sunday Morning, that a foreign national would be appointed as the Chief Commercial Officer (CCO) of SriLankan Airlines. “The board of directors has indeed selected a foreigner to take up the position of CCO for SriLankan Airlines,” the Minister said. He said that the appointment of the new CCO could take place any day. The Sunday Morning last week revealed in an expose that the new CCO of SriLankan Airlines would be Joshua Bustos, an American national.

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