Sri Lanka in Advanced Stages of $12.5 Billion Bond Restructuring

Sri Lanka's foreign minister announced that talks with bondholders to restructure $12.5 billion in international bonds are in advanced stages. The country recently signed deals with China and other nations to restructure $10 billion in bilateral debt as part of efforts to stabilize its economy.

Talks with bondholders to restructure nearly $12.5 billion in international bonds were in "advanced stages", Sri Lanka's foreign minister said on Friday.

The island nation, which signed agreements with China and other creditor nations earlier this week to restructure about $10 billion in bilateral debt, still has to convince bondholders to restructure its international bonds, as it looks to stabilise its economy.