Synlait's bankers will 'extend and pretend'

Synlait's shareholders are said to favour selling assets rather than an equity raise. (Image: NZME)

Wed, 21 Feb 2024

Debt-laden Synlait’s banks will be happy to extend and pretend to keep loan books looking healthy, a fund manager says. The New Zealand stock exchange (NZX)-listed milk company has a $130 million debt repayment due at the end of March and $180m of bonds falling due in December.The milk manufacturer announced it would sell its Dairyworks cheese brand to bring in cash, but that hasn’t eventuated yet. Analysts say the company will need to sell Dairyworks, raise capital from shareholders or potentially sell something else to m...

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