First Milk's interim chairman Nigel Evans commented:
"While 2015 was a hugely challenging year for First Milk and our members, the announcement that we had concluded refinancing with our current banks demonstrates the progress we have made, not only in stabilising the finances of the business, but also in reshaping the company over the last 12 months.
"However, the market backdrop remains extremely tough. Sustained oversupply of milk, especially in the EU is driving up stock levels and putting downward pressure on prices.
"With returns for our cheese business set by a basket mechanism, announcements from other processors of price drops for January have had a direct impact on First Milk returns."
Therefore the following pools that supply milk for cheese are impacted as follows: