Watershed vote pulls Synlait back from the brink

Synlait shareholders have approved a recapitalisation plan that transfers control to China conglomerate Bright Dairy, addressing the company’s $560 million debt and under-utilised assets. The plan involves issuing $217.8 million in new equity capital to reduce debt and provide a lifeline for the troubled Canterbury processor. This “watershed vote” marks a significant change in ownership and financial restructuring for Synlait.

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