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Debt restructuring: Lazard and Clifford Chance signed on

 

  • AG greenlights agreements

 

The agreement between international financial and legal advisors Lazard and Clifford Chance and the Government of Sri Lanka has received approval from the Attorney General’s Department, The Sunday Morning learns.

Speaking to The Sunday Morning, Treasury Deputy Secretary R.M.P. Rathnayake said the Treasury had received the department’s approval for the agreements last Friday (24).

“We have received the Attorney General’s approval. Initial recommendations came a week ago. There were additions and the department has granted approvals. We have formally agreed with both advisors,” he added.  

It was reported that Sri Lanka had hired Lazard, which has handled debt talks for dozens of crisis-strained countries in recent years, and law firm Clifford Chance to renegotiate its debts last month.

Accordingly, the Cabinet of Ministers at its meeting on Monday (20) had granted approval to hire the world’s leading financial and legal advisers for the procurement of an international financial advisory service and an international legal advisory service to restructure the country’s external debt.

It was also reported that Sri Lanka had received 28 proposals for international financial advisory services and 23 proposals for international legal advisory services.

The Lazard Ltd. of France is the world’s leading financial advisory and asset management firm, advising on mergers, acquisitions, restructuring, capital structure, and strategy.

Clifford Chance LLP is an international law firm headquartered in the UK and ranks as one of top 10 largest law firms in the world measured both by number of lawyers and revenue.

– By Maheesha Mudugamuwa