PaperlinX's Austrian business placed into administration| PPX|...

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0	PaperlinX's Austrian business placed into administration	Column 1 0 PPX		$0.039$0.00 (0.0%)	$0.039$0.04

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0		29 Apr 2015 10:26:00

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Sydney - Wednesday - April 29: (RWE Australian Business News) - PaperlinX Ltd (PPX) reports local court processes to place its Austrian operations, PaperNet GmbH, into administration have begun.An administrator has been appointed and will commence in the role once the final court processes are concluded.That is expected to occur today.The local directors were required to take this course of action given the liquidity issues the business has faced following the tightening and/or withdrawal of credit terms from suppliers and lenders in recent weeks after the PaperlinX UK and Benelux businesses were placed into administration."This appointment in Austria highlights the interconnectedness of the PaperlinX European businesses," the company said.Although attempts to sell this business have been unsuccessful, PaperlinX will continue to pursue opportunities to divest the remaining European businesses in Spain, Czech Republic, Poland, Scandinavia, Ireland and Germany.PaperlinX reiterated the successful and profitable business operations in Australia, New Zealand and Asia had financial separation from European operations.The day-to-day businesses and operations of the ANZA region remained unchanged.

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