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PaperlinX pays off some debt; says market weak

Mon Jun 1, 2009 2:55am EDT

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MELBOURNE, June 1 (Reuters) - PaperlinX Ltd (PPX.AX), Australia's top paper merchant, said on Monday it had used some of the proceeds of the sale of its Australian Paper arm to Nippon Paper Group (3893.T) to partially pay down debt.

It said current business conditions remain difficult, with weak economic conditions impacting sales volumes in all markets.

PaperlinX agreed in February to sell most of its paper manufacturing business to Nippon Paper for up to A$700 million ($560 million) to help pay down debt. [ID:nT97347]. ($1=A$1.25) (Reporting by Sonali Paul; Editing by Jonathan Standing)



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