Hong Kong-based Transwell Corporation has submitted an unsolicited turnaround proposal for SriLankan Airlines, opening a private investor-led route for restructuring the debt-laden national carrier. The plan is now under review as Sri Lanka weighs the airline’s future and decides whether to move to a formal competitive process later.
Deputy Minister of Ports and Civil Aviation Janitha Ruwan Kodithuwakku said the proposal will be assessed alongside the work of a state-appointed restructuring committee chaired by Hans Wijasuriya. The panel has already begun collecting industry data and is expected to deliver its recommendations in about six months. Only after that review is complete will the government decide whether to launch an expression of interest or a request for proposals.
The airline remains in active restructuring, and the government has recently indicated it is pursuing an alternate strategy after ending the earlier divestiture process. That leaves open the possibility of a direct investor-led solution before any broader market process begins.