Colombo, Sri Lanka. Photo: rosetata/Adobe StockDecision of the Day: Sri Lanka Granted Stay of Litigation Over Defaulted Sovereign Bond Debt
This ruling was selected and summarized by the New York Law Journal's decision editors.
December 03, 2024 at 10:30 AM
2 minute read
Sri Lanka is working to emerge from an economic, humanitarian, and political crisis. In 2022, it defaulted on its international sovereign bonds and, the following year, the International Monetary Fund provided a $2.8 billion extended Fund Facility under which Sri Lanka must commit to debt restructuring, which is nearing completion.
In its June 21, 2022, lawsuit Hamilton Reserve Bank—which is not participating in Sri Lanka's debt restructuring negotiations—claims ownership of over $240 million in bonds due in July 2022, including interest. Litigation repeatedly been stayed thereafter.
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