Enter Fonterra: cash-strapped Synlait's new threat

Synlait chief executive officer Grant Watson says the firm is in challenging times. (Image: Synlait)

Wed, 03 Apr 2024

Synlait may be drowning in debt, but it also faces the prospect of outflows from farmer suppliers, with rival Fonterra saying it has a “strong pipeline” wanting to jump ship. The listed milk processor is facing material uncertainty with its high debt levels, saying on Tuesday it had secured a four-month extension on its $130 million debt facility and would be undertaking a strategic review of its North Island assets.Synlait reported a $96.2m loss for the first half to Jan 31. It is the third largest processor in...

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