Cameron Henderson: Synlait Supplier on the company's shareholders voting in favour of a $130m loan
The Mike Hosking Breakfast · Newstalk ZB
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Show Notes
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.
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