The firm's board of directors was dissolved recently and a steering committee was set up under Ranjith Bandara, a senior lecturer at Colombo University, to come up with a re-structuring plan.
Discussions are underway to get 185 million rupees from the Treasury to start a voluntary retirement scheme, Bandara said.
The firm also has debt of more than 600 million rupees to settle, he said.
The steering committee is taking stock of assets and liabilities of the firm.