Panda does not affect links, penguin does.
Panda is a "quality content" related update.
Penguin penalizes both pages and/or entire domains, even to the point of completely removing the from the index.
Under your Google Webmaster Tools, "Manual Actions" you can see the type of penalty the site has (if any) and what it is impacting.
"Sitewide" means that the entire site got the hit, while "Partial Matches" means some parts or some links.
Anyhow, if you have a manual penalty, you won't recover by just creating new pages. Although penalties expire, you cannot know which ones were hit.
You have to consider if the Website is worth saving or you can just start again fresh. If you have a Website 3 years old or more, and generating income, with a client base, then you probably start working on saving it. If your Website was new, not real client base or value, you rather start fresh.
Don't make the same mistakes again!
