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Srilankan to play another round with Public Money recruit and retrench with Huge Compensation !!

National carrier’s new lifeline | The Sunday Times Sri Lanka: Faced with losses of US$100 million this year, $160 million in 2019 and a total debt of $700 million, the new board of directors is preparing – so they say – to cut at least 2000 jobs out of the 7000-strong workforce, among other matters. “No easy task,” noted an airline analyst.

The new board comprising retired banker Ranjit Fernando (chairman), Mano Tittawella, Dr. Roshan Perera, Air Force Commander – Air Marshal Kapila Jayampathi and Susantha Katugampala – an immigration lawyer based in Australia) has promised a turnaround in three years. The decision to co-opt a serving military commander was an unusual move, the analyst said.

Among the steps planned in the restructure is route rationalisation, re-negotiating debts and re-negotiating aircraft leases with Airbus. Other airline sources said that the previous attempt to privatise the airline (during 2015-2018 February) was mishandled for the simple reason that every time the board made a decision, it was shot down by the cabinet.
Srilankan to play another round with Public Money recruit and retrench with Huge Compensation !!SocialTwist Tell-a-Friend

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