Sri Lankan cabinet to absorb losses of failing airline
The Sri Lankan government announced that it would be absorbing millions of dollars of losses incurred by its failing airline Mihin Lanka.
The airline, which is expected to be liquidated soon according to the Daily Mirror, will go on to sell its permit.
It is reported that Mihin Lanka owes Rs.4,860 million to the People’s Bank and Rs.1,700 million to the national carrier, SriLankan airlines.
The total debt comes to over USD $40,000,000.