George Adams, Chair of Synlait, delves into the Canterbury milk processor's financial woes and ambitious plans to tackle a staggering $600 million debt.
He outlines a bold recapitalisation strategy involving major shareholders Bright Dairy and the A2 Milk Company, aimed at raising over $218 million to alleviate debt.
Adams admits past investments in the Pokeno facility and acquisitions like Talbot Cheese haven't yielded expected returns, leading to this precarious situation.
Adams also shares his thoughts on former CEO and Chair John Penno throwing a spanner in the works, arguing that shareholders should not vote on each other's placements.
Listen to the full chat between George Adams and Dominic George above.
To check out more episodes listen to the REX Podcast anytime on your favourite streaming platforms including Spotify, Apple Music and Rova.
Visit the Rural Exchange Facebook or Instagram page for more information and regular updates from the REX team.
