Synlait Milk Ltd. (AU:SM1) has released an update.
Synlait Milk Limited has called for a Special Shareholders’ Meeting to approve a crucial $130 million shareholder loan from Bright Dairy International to meet its upcoming debt obligations. The loan’s approval is vital for the company’s ability to continue trading and avoid insolvency, with a unanimous recommendation from Synlait’s Independent Directors to vote in favor. Synlait is also working on a business recovery plan to tackle debt and improve operational performance, with a potential equity capital raising update expected by the end of August.
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