Debt-laden Synlait says farmers want out and it needs full $130m shareholder loan

Synlait chief executive Grant Watson says retention of milk supply remains a critical priority. (Image: Synlait)

Mon, 03 Jun 2024

Struggling dairy processor Synlait has confirmed a significant majority of its farmer suppliers want to leave.In a market announcement to the Australian securities exchange (ASX) on Monday morning – a public holiday in New Zealand – dual-listed Synlait said the exodus of most of its farmer suppliers was expected, given its current performance. It also told the exchange it had given up trying to sell its Dairyworks cheese business. Synlait said in April it valued the Dairyworks business at $120m, writing it down by $31.1m.&...

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