Paperlinx has said they are unlikely to pay distributions in the...

Paperlinx has said they are unlikely to pay distributions in the future. They would not have said that if they have any intention to. Indeed, the PE offer may have had to have known that before it put forward an offer.

If there is no PE offer, then it is my opinion that PPx will be raising money, in one of those "recapitalisation proposals", whereby they will raise at a steep discount. They do have to get PXUPA out of the way first, though- they're a messy instrument. Of course, if PPX did raise, they could use the funds to make an offer for PXUPA,as well as more senior debt.

They're a company at a crossroads with the remarketing date looming.