Echelon Magazine - September 2023

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Lifeline or Bind?

According to a Financial Times report over the first weekend of September 2023 (Sri Lanka Debt Twist), the United States government has intervened in a lawsuit filed by Hamilton Reserve Bank (in US courts) seeking payment for defaulted Sri Lankan bonds worth $250 million.
Our government had filed a motion to stay HRB's litigation for six months until it can sort out its debt restructuring plans with other lenders - admittedly, the very thing HRB is attempting to avoid with the litigation: HRB is holding out to avoid a haircut from any debt restructuring Sri Lanka negotiates with other investor groups.
Could we have a powerful ally watching over our interests? The United States Attorney, in a letter to the presiding judge, has indicated that the US government may submit a formal opinion to the court by October 2, 2023, on whether HRB should be pushed to the sidelines and give us the extra time.
It is tempting to speculate why the US is wading in. While the specifics are unclear, the American government has asked the court to delay making any decisions until it submits its opinion, one that could potentially sway the court and its final decision. If the US supports Sri Lanka's request, it is a lifeline. If the US opposes the delay, we are in a bind.
Now, Sri Lanka does not need the mindless cacophony of alarmist politicians, union leaders, academics and mercantilists fearmongering and conjuring conspiracies. In all likelihood, the US could be taking measures to protect the interests of other investors in that country holding dud Sri Lankan sovereign bonds. And that is good for us, too.

Echelon Magazine Description:

Intelligent Storytelling

The one thing that will define the Echelon magazine will be the quality of the storytelling. Echelon,published monthly, will cover in depth Sri Lanka’s most successful businesses, examine their winning strategiesand profile their leaders in immersive stories. Great stories are also never limited to words, and our approach includes rich photography, bold graphics and leading edge design which together will make for a compelling read.

But business doesn’t start and end in a boardroom;it extends to the golf club greens, to international travel and to pursuits that blurthe lines between commercial venture and sheer passion. The Echelon team will present the best in business and lifestyle coverage that will appeal to an exclusive and affluent readership: an otherwise hard to reach demographic.

Content will be developed by one of the most experienced and proven teams of editors, financial journalists, photographers and designers in the country.This team has already raised the bar for powerful and expertly crafted business news. Shamindra Kulamannage, will lead the editorial team.

The reputation of Echelon is being built on the separation between editorial and advertising. However we are also looking for the most creative and impactful new formats that can be applied in our magazines, iPad app as well as website to help our clients reach our audience. We are flexible and creative and we will have a solution for every single advertiser who wants to reach our audience.

We are passionate about creative results and about working with our advertisers to help them create bespoke multi platform creative solutions with our in house creative team and of course our sales team.

Echelon will be a great place to show off the products and capabilities of our clients because they will be surrounded by an editorial product that is expertly crafted, full of integrity and intelligence.