New Zealand’s Synlait Milk has forecast weaker earnings and flagged a review of its assets as the dairy giant races to raise more capital to repay debt this year.

The dual-listed group, backed by China’s Bright Foods, was granted more time to repay $NZ130 million ($119 million) due last Thursday. It now has until July 15. The company also secured $NZ30 million in short-term funding and has had some covenants relaxed.