We analyse a 75ks XMM-Newton observation of PG 2112+059 performed in November 2005 and compare it with a 15ks XMM-Newton observation taken in May 2003. PG 2112+059 was found in a deep minimum state as its 0.2-12 keV flux decreased by a factor of 10 in comparison to the May 2003 observation. During the deep minimum state the spectra show strong emission in excess of the continuum in the 3-6 keV region. The excess emission corresponds to an EW = 26.1 keV whereas its shape resembles that of heavily absorbed objects. The spectra of both observations of PG 2112+059 can be explained statistically by a combination of two absorbers where one shows a high column density, $N_{H} \sim 4.5 \times 10^{23} cm^{-2}$, and the other high ionisation parameters. As the ionisation parameter of the high flux state, $��\sim 34 erg cm s^{-1}$, is lower than the value found for the deep minimum state, $��\sim 110 erg cm s^{-1}$, either the absorbers are physically different or the absorbing material is moving with respect to the X-ray source. The spectra can also be explained by a continuum plus X-ray ionised reflection on the accretion disk, seen behind a warm absorber. The ionisation parameter of the high state ($��\sim 5.6 erg cm s^{-1}$) is higher than the ionisation parameter of the deep minimum state ($��\sim 0.2 erg cm s^{-1}$), as expected for a stationary absorber. The values found for the ionisation parameters are in the range typical for AGNs. The spectra observed during the deep minimum state are reflection dominated and show no continuum emission. These can be understood in the context of light bending near the supermassive black hole as predicted by Minutti and Fabian.

13 pages, 3 figures, A&A latex, accepted for publication in Astronomy & Astrophysics