A counter proposal to a bondholder group’s offer in October for a 20% haircut and the issuance of macro-linked bonds was conveyed through Lazard, the people said, declining to be named because negotiations are private.

They did not elaborate on the details of the offer. Government representatives may travel to London soon to meet Sri Lanka’s commercial creditors, one of the people said.

Completing the overhaul of Sri Lanka’s $27 billion of foreign debt is critical to ensure financing from the International Monetary Fund bailout keeps flowing. President Ranil Wickremesinghe said this month that authorities expect to complete the restructuring within the first six months of the year.