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Sri Lanka seeks new flight path for ailing airline

Government looks to private equity to turn around debt-ridden carrier

A SriLankan Airlines jet taxis along the sole runway of Colombo’s Bandaranaike International Airport. (Photo by Tharaka Basnayaka)

COLOMBO -- Hopes are rising for Sri Lanka's ailing national carrier, SriLankan Airlines, as U.S.-based private equity firm TPG Capital conducts due diligence on the indebted company.

The process is scheduled to be completed by the end of May, after which the Sri Lankan government and TPG Capital will start negotiations on a deal to salvage the airline, which has been losing money since 2009.

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