The request aims to provide the necessary time to finalise legal documentation and fully implement the restructuring agreements, including negotiating the terms of new securities to be issued in the exchange offer.

Clifford Chance US LLP, on behalf of the Sri Lankan Government, stated that Sri Lanka reached an agreement on 19 September following extensive negotiations involving both international and domestic stakeholders.

Sri Lanka and an ad hoc committee of international bondholders have agreed in principle on the core financial terms for restructuring the nation’s substantial sovereign debt. This agreement also involves Sri Lanka’s local bondholders and marks a critical step towards resolving the country’s financial crisis.