Boring state of affairs, if repackaged Penguin but no PG ... (5)
I believe the answer is:
ennui
'boring' is the definition.
(I've seen this before)
'repackaged penguin but no pg' is the wordplay.
'repackaged' indicates an anagram (I've seen this in other clues).
'but no' indicates named letters should be taken away.
'penguin' with 'pg' removed is 'enuin'.
'enuin' anagrammed gives 'ENNUI'.
'state of affairs if' acts as a link.
This may not be correct. Some or all of it may be part of another bit of the clue.
Can you help me to learn more?
(Other definitions for ennui that I've seen before include "doldrums" , "boring" , "Feeling of weariness or boredom" , "Boredom in France" , "Low interest rate" .)