Galadari Hotels (Lanka) PLC expects to restructure its balance sheet to reap the advantages in the booming tourism industry, a CSE filing said yesterday.
The Board of Directors has approved that such restructure be effected by way of a conversion to equity of the debt due and owing by the company to the National Insurance Trust Fund (NITF), Department of Public Finance (Ministry of Finance and Planning) and to Galadari Brothers Company (LLC).
Under this total debt to be converted to equity as at March 31, 2011 will be over Rs 6 billion (principal sum and accrued interest).
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