ugly result, page-9

The French paper conglomerate Sequana, and arch competitor of PaperlinX, is in much bigger trouble than PaperlinX

http://au.finance.yahoo.com/q/bc?s=SEQ.PA&t=6m&l=on&z=l&q=l&c=PPX.AX

You can track down their financials and you will see they have a billion eruo loan liabilities, and they have not written down the Goodwill. Goodwill is at €650 million.

They may fall over, which would be to PaperlinX benefit.
I think the European are probably buying from their own companies within the EC, but if Sequanca was to go under, maybe our German and Netherlands division will benefit substantially.