It's not going to change anything except now there's an increased risk of the entire banking system being dragged under as well.

The Nyras report says the “Government Officials Committee to approve restructuring plan and quickly review major restructuring decisions (e.g. negotiation offers). Management to provide regular updates on progress of restructuring.” The Board of Directors, Nyras says, “must be prepared to act quickly and be available on an almost daily basis.” It also wants to “Consider appointing an Executive Committee with delegated authority during the restructuring process.”

The other recommendations by Nyras is “absolute focus of leadership team on delivery of restructuring plan, with personal objectives accountability for each part of the plan. Structured review of process of restructuring implementation.” It also says there should be “clarity of direction and objectives of the restructure, with departmental and personal objectives aligned to delivery.”

Titled “Restructuring of SriLankan Airlines – Delivering a sustainable future,” Nyras report says:

We have been asked to develop a plan to assess and implement options for the restructure of SriLankan Airlines (“SLA”) to address challenges associated with legacy and fleet–related debt and consistent operational losses.
The restructuring plan should be consistent with GoSL objectives such as developing tourism, growing traffic and connectivity, ability to compete with Low Cost Carriers, affordable travel for SriLankan business, travelling public and migrant workers, find suitable partners willing to invest in SriLankan whilst respecting foreign ownership rules, cost effective airline and impact on jobs for the Sri Lankan economy.
We worked previously with SLA between January and March 2016, so have a good understanding of the airline’s challenges. We worked closely with airline management and staff, reported and explained our findings to the Board and senior Government Officials.
Our previous work also investigated the practicalities of an administration / “Chapter 11” scenario, assessed SLA’s competitive disadvantage caused by high fuel price, and estimated the impact on Ceylon Petroleum Corporation if it reduces prices to market levels. Note: Chapter 11 is a chapter of Title 11 of the United States Bankruptcy Code, which permits reorganisation under the bankruptcy laws of that country.
Some of the issues have since been addressed, but the major structural issues remain.

The timeline for this assignment, Nyras says is to address the most pressing concerns by the end of March 2018. It has identified eight different areas for the restructuring process. Among them are:
Re-negotiate four remaining A 350s and Rolls Royce engines to avoid US$ 800 million liability by converting A 350 order into A 321s for deployment on restructured network.

Re-finance seven A330s Lease rates are way over market and refinancing ensures market rate aircraft economics delivering $ 28 million per year but finance/equity required for $ 160 million deposit.
Re-structure SLA Group to enable investment into airline and SBUs to deliver cash to airline restructure debt, saving $ 41 million per year, improve operations and improve competitiveness.

Reduce Ceylon Petroleum Corporation pricing by ten US cents per gallon to address lack of competitiveness and increase volumes to other airlines delivering $ 8 million per year.
Improve commercial activities and streamline distribution to deliver greater yield and revenue opportunities.

The “absolute priorities,” Nyras says are negotiations with Airbus, Rolls Royce and Lessors, Develop Business Plan to support negotiations, Resolve Ceylon Petroleum pricing, develop future fleet structure and identify investors for A 330 – 300s.
It is abundantly clear from the Nyras report that over the years there has been serious deficiencies in managing the national carrier. So much so, the consultant firm is even noting the need to consider declaring bankruptcy.