CSB - Stu Davison - HighGround Dairy Dairy insider

Embattled dairy company Synlait Milk has got the backing of its shareholders for a large loan that has secured its near term survival.

Its minority shareholders voted overwhelmingly at a special meeting in favor of a $130 million loan from its Chinese major shareholder, Bright Dairy, to allow it to repay loans to its banks due on Monday.

Final voting figures showed 99.6 percent backing for the loan arrangement, which runs for 12 months with an 8 percent interest rate.