INSUBCONTINENT EXCLUSIVE:
Sri Lanka was sued in the US by a bondholder after the South Asian nation defaulted on its debt for the first time in history while
Sovereign Bonds due July 25, filed the suit Tuesday in a New York federal court seeking full payment of principal and interest.Sri Lanka, an
island nation off the southern tip of India, fell into default in May after the expiry of a 30-day grace period for missed interest payments
on two of its sovereign bonds
It was the first sovereign debt default by the country since it gained independence from Britain in 1948.Hamilton Reserve, based in St
ruling Rajapaksa family, and accused Sri Lanka of excluding bonds held by domestic banks and other interested parties from an announced debt
also broadly held by US retirement systems including Fidelity Investments, BlackRock, T
Rowe Price, Lord Abbett, JPMorgan, PIMCO, Neuberger Berman and other US investors -- remain indefinitely in default and unpaid, causing
and BlackRock Inc., has been set up and restructuring talks are expected to start soon, Bloomberg reported, citing people familiar with the
arrangement who requested anonymity ahead of a formal announcement.The island nation is grappling with a worsening humanitarian crisis after
it ran out of dollars to purchase imported food and fuel, pushing inflation to 40% and forcing the default
Wickremesinghe told parliament earlier this month.Sri Lanka hired Lazard Ltd
and Clifford Chance LLP in May to serve as financial and legal advisors on debt restructuring as the country seeks a bailout from the
International Monetary Fund.Sri Lankan authorities on Monday began talks with the IMF, working toward an agreement that could offer
This article first appeared/also appeared in https://adaderana.lk
