This was announced by Synlait on June 8 where it also provided a trading update on NZX, reporting a NZ$12 million net loss after tax for January 1-April 30.
Leon Fung has been appointed acting chief executive.
A month after issuing a profit warning, the New Zealand dairy and infant-formula business confirmed it had entered the red in the six months to the end of January.
This endorsement effectively satisfied the shareholder approval condition, moving the debt-laden company away from a precarious financial edge and towards operational simplicity.
This move, which establishes a new revolving credit facility, is set to run from November 14th until the end of next March.