ZB ZB
Opinion
Live now
Start time
Playing for
End time
Listen live
Listen to NAME OF STATION
Up next
Listen live on
ZB

Synlait handed a lifeline as shareholders vote in favour of loan

Author
Newstalk ZB,
Publish Date
Fri, 12 Jul 2024, 9:24am
Synlait Milk. Photo / File
Synlait Milk. Photo / File

Synlait handed a lifeline as shareholders vote in favour of loan

Author
Newstalk ZB,
Publish Date
Fri, 12 Jul 2024, 9:24am

There's a belief South Island dairy processor Synlait has been handed a lifeline, but not a life saver.  

Shareholders voted 99.6% in favour of taking out a $130 million loan, meaning it can meet its debt payment to banks, due on Monday. 

It comes after the company plunged into a $96.2 million first half loss.  

Synlait supplier Cameron Henderson told Andrew Dickens that Covid-19 and China's lowering birth rate contributed.  

He says the impact on infant formula —as the company's highest valued export— was likely one of several straws breaking the camel's back.  

LISTEN ABOVE 

Take your Radio, Podcasts and Music with you