In reply to Moacs:
I had the same, although not as bad as yours, not that long ago - basically wrecked the front edge of the unit, as water got in the seams of the edging strip. Fortunately caught before too much damage done.
I managed to cut the front edge back a couple of inches to sound chipboard and then just replaced that part with a bit I had spare in the garage, using glue/dowels to attach it. Can't see it anyway, as it's covered by an aluminium sheet.
Problem with the under sink units is all the pipe work. This one has obviously been dropped down over the sink waste pipe before the rest of the plumbing and worktop were added, so getting it out without dismantling that (middle section of a "C" shape unit!) would have been a royal pain. I would have to cut it all out in pieces and getting a replacement in would have been awkward.
Your best bet might be to screw the unit to the ones either side of it to support it, then just cut the bottom panel out, slide a new panel in and then screw it in with either angle brackets or from underneath, if you can - which was my back-up plan.