Lazard, Rothschild, Citi lined up for financial adviser role

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More than 40 applications have been received by the closing date (April 22) in response to the two request for proposals or RFPs floated by the Central Bank of Sri Lanka (CBSL) and the Ministry of Finance (MoF) for the two roles of financial and legal adviser covering the debt restructuring process of Sri Lanka, a CBSL official said yesterday.

Some of the leading independent debt and restructuring advisers such as Lazard, Rothschild, Citi and Deutsche Bank are among those that have submitted their applications in response to the RFPs, he said.

He said that out of these many applications, at least five could be considered as highly suitable institutions for the relevant service.

He said that a committee headed by the Assistant Governor of the CBSL, K.M.A.N. Daulagala, is currently examining the applications received for the appointment of Financial Advisers.

In addition, a committee consisting of officials from CBSL, MoF and the Ministry of Foreign Affairs has been appointed to select the Legal Adviser.

The applications shortlisted by these preliminary committees will be examined by a more senior Procurement Committee. The Committee will include CBSL Governor, Secretary MoF and several other Ministry Secretaries.

The final selection will be based not only on qualifications and restructuring experience but also on the fees quoted.

The IMF has already submitted to the Government a list of some eight institutions recommended as by them and well-known to have extensive experience in international debt restructuring.

It is understood that in the process of selecting the relevant financial and legal advisers, special attention will be paid to the companies named in the IMF list.

Going by past efforts, it is believed that a minimum of six to 12 months will elapse in reaching a final agreement with international creditors.

By Ishara Gamage