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Synlait Milk says banks have its back after plunge into red
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Troubled dairy processor Synlait Milk says it has the support of banks and will not need to raise capital after plunging into loss-making territory.
Synlait’s woes reflect some of those being faced by a2 Milk Company, one of its major customers and a shareholder.
New Zealand-based Synlait said on Monday that it expected to report a full-year loss of $NZ20 million-$NZ30 million ($18.6 million-$27.8 million) based on a triple whammy of issues.
The company said it faced shipping delays out of New Zealand that could get worse before they got better, and was achieving lower prices for its ingredient products that it had expected.
Synlait CFO resigns - second top exec to leave within a month
13 May, 2021 09:23 PM
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Synlait s chief financial officer Angela Dixon has resigned. Photo / NZ Herald
Synlait Milk s chief financial officer Angela Dixon has resigned, the company said.
Her resignation follows the sudden departure in mid-April of Synlait s chief executive Leon Clement. The company s co-founder and former chief executive John Penno is filling in as CEO until a replacement is found.
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In a statement today, Penno said: On behalf of our team, I would like to thank Angela for her contribution and commitment to the organisation during a difficult period in Synlait s history.