48% chance of Paperlinx going bankrupt?, page-14

Now that the dead wood  has been removed Paperlinx has more chance of surviving now than it did before.
In fact if Paperlinx didn't bankrupt the  European and UK parts of the business then it would have been just a matter of time until the whole company went into administration, judging from the losses incurred in the UK.

MASSIVE LOSSES BLOCKED PAPERLINX GOING CONCERN SALE
Attempts to sell businesses within the PaperlinX UK group prior to their collapse were thwarted by large operating losses totalling about £2m per month, Insider can reveal.
Almost 700 redundancies were made when insolvency specialists were called into the businesses in April, although some jobs have since been rescued.
Matt Smith and Neville Kahn of Deloitte were called in to The Paper Company Ltd, Howard Smith Paper Group Ltd, Robert Horne Group Ltd and PaperlinX Services (Europe) Ltd, which make up the paper merchanting and visual technology services (VTS) businesses of PaperlinX UK, on 1 April.
At the time, Australia-headquartered parent PaperlinX said a lower demand for paper, difficulties in restructuring substantial legacy pension liabilities and the withdrawal of credit insurance sparked the process.
But a new report to creditors revealed that the Australian parent and the directors of the companies had sought to sell PaperlinX UK as a going concern before the appointment of administrators, but had been unable to conclude a transaction due to massive losses.
In the eight months to February 2015, the company incurred net losses of £20.2m with revenues of £296.6m.
However, in the year to June 2014, the group had generated sales of £529.7m, a decline on the previous year's figure of £598m, while net losses reached £15.5m. In 2013, it racked up net losses of £23.4m.
Headquartered in Northampton, PaperlinX UK also had paper branches in Ipswich, Shoreham, Bristol, London, Glasgow, Manchester, Leeds, Boldon, Southampton, Brackmills, Castle Donington and Bracknell.
In late-April, Birmingham paper merchant The Premier Paper Group bought the assets of the group's Castle Donington reel paper and savoury paper division, saving 30 jobs. In May, Leicestershire-headquartered paper and packaging distributor Antalis acquired1st Class Packaging, Donington Packaging Supplies and Parkside Packaging, based in Coventry. The deal saved 63 jobs.
The administration did not affect PaperlinX's operations in Australia, New Zealand and Asia or UK independent packaging businesses, which continued to trade as normal.
The shares of the independent entities, which operated under separate management and brands, were acquired for £5.4m on 6 May.