Reading through Synlait's announcement, it sounds as though the...

Reading through Synlait's announcement, it sounds as though the banks are on board with the loan. It doesn't seem to be stated directly, but it does say that the banks have received approval for a number of waivers (for covenants violated) that Synlait requested since their last update.

It says that the banks have added a new convenant that Synlait must achieve its minimum adjusted EBITDA for FY24 of $45 million. The banks are also the ones demanding equity raising. Given that they're actively negotiating these other requirements, I don't think they'd allow a loan proposal to progress if it wasn't satisfactory to their requirements. Also, the loan debt will rank below the debt owed to banks, so there's that.

So I think it isn't the banks that Synlait have to contend with regarding the loan, it's just A2M.