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Aeroflot has announced to upgrade Colombo flights from Seasonal to Year-Round Flights
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World Bank to assist with sale of SriLankan Airlines
World Bank to assist with sale of SriLankan Airlines
Sri Lanka's Ministry of Finance is liaising with the International Finance Corporation (IFC) regarding the divestment of state-owned SriLankan Airlines (UL, Colombo International), along with subsidiaries SriLankan Catering Limited and SriLankan Ground Handling Limited. The moves follows the government bringing multi-national financial advisory firm, Lazard, onboard to assist in the sale process. The IFC is a subsidiary of the World Bank.
This week, the Sri Lankan government called for expressions of interest from advisors to assist with the sale of stakes in seven state owned enterprises (SOEs), including SriLankan Airlines. A statement posted on the website of the Ministry of Finance's State Owned Enterprise Restructuring Unit (SRU) says the government is in "the process of implementing deep economic reforms" across its multiple SOEs. "Such reforms are intended to enhance competition, productivity and efficiency across the economy."
The divestures appear to be split into two tranches, with Sri Lankan Airlines in the second group along with Sri Lanka Telecom and Lanka Hospital Corporation. Recently, ch-aviation reported that the Sri Lankan government hopes to raises around USD500 million from the sale of the airline's catering and ground handling units. However, that amount would cover less than half of SriLankan's debts, with aviation minister Nimal Siripala De Silva telling parliament the remainder would be borne by Sri Lanka's treasury. However, the sale of a stake in the SriLankan Airlines would raise additional capital, which presumably, could be used to pay down part or all of the remaining debt. The Sri Lankan government also has not specified whether its "divestment" entails the sale of 100% of the airline or a portion of it.
The SRU says the advisors will provide support services regarding sell-side due diligence, valuation, data room creation, transaction strategy, and marketing of SriLankan Airlines, its subsidiaries, and the other SOEs. "The divestitures will be carried out by the SRU in a transparent and credible manner following an EOI/RFP process which will be published in the local and international press," says the Ministry of Finance statement. "Unsolicited proposals will not be entertained."
SriLankan Airlines maintains a fleet of 24 Airbus aircraft, of which 18 are flying and six are classed as inactive. The airline flies to 39 destinations in 21 countries.
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4R-ALA has been officially retired from service. Aircraft is grounded and has just a few more flying hours for the ferry and test purposes before being handed over back to the lessor for scrapping. Sad to see her time with UL is done. 23 years of service and it all came to an end on April 1st 2023.Comment
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UK based Airline is planning to launch direct flights to Colombo in Dec 2023. Guess the name of the airline?Comment
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TUI AIRWAYS SCHEDULES DEC 2023 SRI LANKA CHARTERS
TUI Airways in December 2023 plans to operate limited-time charter flights to Sri Lanka, based on schedule listings in the OAG, as of 02APR23. Planned service operated by Boeing 787-8 Dreamliner includes the following.
Birmingham – Colombo
TOM482 BHX2115 – 1315+1CMB 788 06DEC23
TOM483 CMB1500 – 2100BHX 788 07DEC23
London Gatwick – Colombo
TOM042 LGW2005 – 1150+1CMB 788 06DEC23
TOM043 CMB1345 – 1945LGW 788 07DEC23
Manchester – Colombo
TOM182 MAN1630 – 0835+1CMB 788 07DEC23
TOM183 CMB1025 – 1625MAN 788 08DEC23
Source : OAGComment
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Mr Nuttall highlighted that, while he was not against selling off the business, there was still a lot of work to be done to restructure its debt before that can happen.
"If we can structure that debt, then a large part of what we're paying as interest comes back and can be used to run the airline," he said.
"And it means that an outside investor can come in and not pay for the sins of the past."Comment
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How about selling to local investors and then for foreign investors, so everybody will be keen to earn profits, and both local & foreign corruption, destabilization could be next to zero. we also do not forget that Emirates is a 5 star carrier because of Air Lanka, despite they flew the airline profitably yet they ruined the Air Lanka brand (believe or not)Comment
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Hi Pulathisi3, Welcome to Air Sri Lanka Forum.
SriLankan is reducing flights to Jakarta from this month. Any reason?Comment
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Air Arabia from May 2023 plans to begin Airbus A320neo operation, initially operating Colombo to/from Sharjah, effective 01MAY23.Comment
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What is the aircraft registration?A SriLankan Airlines flight scheduled to fly to Dubai returned to the island in an emergency landing at the Bandaranaike International Airport after a 15 hour delay.
The UL-225 flight was scheduled to depart at 6.25pm yesterday. Ultimately, the flight departed at 9.30 this morning.
Our correspondent reported that the flight returned to the island around 1 hour and 10 minutes later, which was 10.40am.
Our reported added that the chief pilot had decided to carry out an emergency landing after noticing cracks in the plane's windshield.
The flight had been in close proximity to India at the time.
The SriLankan Airlines flight was carrying 189 passengers and 15 cabin crew members.
According to a source from the BIA, the passengers are scheduled to leave the Katunayake Airport and head to Dubai later this evening.
https://www.newsfirst.lk/2023/04/08/...anding-at-bia/Comment
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