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

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

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Open your mind to the world with New Zealand’s number one breakfast radio show.Without question, as New Zealand’s number one talk host, Mike Hosking sets the day’s agenda.The sharpest voice and mind in the business, Mike drives strong opinion,...

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Cameron Henderson: Synlait Supplier on the company's shareholders voting in favour of a $130m loan

https://api.omny.fm/orgs/7784f840-c291-422a-924b-ad9000bbad71/clips/f50cafa6-7cb3-4031-a9f8-b1aa0160e461/transcript