COMMENT:

Fonterra is facing a crisis more dangerous to its future health than the red ink on its balance sheet - and its failure to today deliver its 2019 financial results as scheduled underlines the peril.

Without milk the big farmer-owned co-operative is toast.

READ MORE:
Fonterra has 'lost its way', staff brace for more job cuts
Commercial 'disaster': Can it get any worse for Fonterra?

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Without shareholder-supplier confidence, the milk tap could be shut off.

With loss of milk supply, Fonterra's processing factories become half full, and the stranded asset problem prophesied by the company's critics becomes a

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