Sri Lanka's bondholders submits first debt restructuring proposal to government

Washington: A committee of foreign private creditors of Sri Lanka submitted its first proposal for debt restructuring to the government of the island nation to restructure more than $12 billion in outstanding debts, according to three sources with direct knowledge of the situation, After the island country of 22 million people went into financial default more than a year ago, this is the first bondholder proposal. One of the individuals, who requested anonymity because the conversations are private, described the suggestion as a first step in engaging with the national authorities. An inquiry for comments was not immediately answered by government representatives. The creditor committee’s representative declined to comment. Read all the Latest News , Trending News ,  Cricket News , Bollywood News , India News and Entertainment News here. Follow us on Facebook, Twitter and Instagram.