pathetictrader, it pays to read the announcement, to fully...

pathetictrader, it pays to read the announcement, to fully understand.
PPX will lose all ownership and obligations to the UK and Europe operations. Its obvious that when PPX purchased these assets originally that these assets (companies) were used to guarantee the loans. UK and Europe businesses are therefore all that the creditors can rely upon to settle the loans and debts.
PPX Australia and Asia were not used to guarantee the loans so PPX can basically wipe their hands of UK and Europe.
Its obviously a huge loss of assets, but the PPX shareprice is so low that now these assets are written off, it has a chance to recover. It will never regain its former glory of $5/share, but in the months or years from now when this has all blown over the PPX shareprice should be 10 to 20 times higher than it is today.
There is also a good chance that the C$63 million from the Canadian sale is still in the bank at Head Office Australia, and it might be a smart move to just buy PXUPA on the market whenever the shares are cheap enough. That would be the best way to get rid of the PXUPA obligation, because no way will anyone ever pay $100 for PXUPA