-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
 MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen
 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 KOt87omK2At7aJ01CtcJ0bxiheooMKd7DamLwDrcM8+hJ81nOptZ6GkK4WYqMACq
 P+dP8zSCix/viIXaTDq6vw==

<SEC-DOCUMENT>0000902664-06-002625.txt : 20061117
<SEC-HEADER>0000902664-06-002625.hdr.sgml : 20061117
<ACCEPTANCE-DATETIME>20061117153048
ACCESSION NUMBER:		0000902664-06-002625
CONFORMED SUBMISSION TYPE:	3
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20061117
FILED AS OF DATE:		20061117
DATE AS OF CHANGE:		20061117

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PLIANT CORPORORATION
		CENTRAL INDEX KEY:			0001049442
		STANDARD INDUSTRIAL CLASSIFICATION:	PLASTICS, FOIL & COATED PAPER BAGS [2673]
		IRS NUMBER:				432107725
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	BUSINESS ADDRESS:	
		STREET 1:		1475 WOODFIELD ROAD
		CITY:			SCHAUMBURG
		STATE:			IL
		ZIP:			60173
		BUSINESS PHONE:		8479693300

	MAIL ADDRESS:	
		STREET 1:		1475 WOODFIELD ROAD
		CITY:			SCHAUMBURG
		STATE:			IL
		ZIP:			60173

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PLIANT CORP
		DATE OF NAME CHANGE:	20001113

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	HUNTSMAN PACKAGING CORP
		DATE OF NAME CHANGE:	19971110

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			KING STREET CAPITAL MGMT LLC
		CENTRAL INDEX KEY:			0001218199

	FILING VALUES:
		FORM TYPE:		3
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-52325
		FILM NUMBER:		061226587

	BUSINESS ADDRESS:	
		STREET 1:		65 EAST 55TH STREET
		STREET 2:		30TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10022
		BUSINESS PHONE:		212-812-3100

	MAIL ADDRESS:	
		STREET 1:		65 EAST 55TH STREET
		STREET 2:		30TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10022
</SEC-HEADER>
<DOCUMENT>
<TYPE>3
<SEQUENCE>1
<FILENAME>form3_ex.xml
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0202</schemaVersion>

    <documentType>3</documentType>

    <periodOfReport>2006-11-17</periodOfReport>

    <noSecuritiesOwned>0</noSecuritiesOwned>

    <issuer>
        <issuerCik>0001049442</issuerCik>
        <issuerName>PLIANT CORPORORATION</issuerName>
        <issuerTradingSymbol>NONE</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001218199</rptOwnerCik>
            <rptOwnerName>KING STREET CAPITAL MGMT LLC</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>65 EAST 55TH STREET</rptOwnerStreet1>
            <rptOwnerStreet2>30TH FLOOR</rptOwnerStreet2>
            <rptOwnerCity>NEW YORK</rptOwnerCity>
            <rptOwnerState>NY</rptOwnerState>
            <rptOwnerZipCode>10022</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>1</isTenPercentOwner>
            <isOther>0</isOther>
        </reportingOwnerRelationship>
    </reportingOwner>

    <nonDerivativeTable>
        <nonDerivativeHolding>
            <securityTitle>
                <value>Series AA Redeemable Preferred Stock</value>
            </securityTitle>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>19889</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>King Street Capital, L.P.</value>
                </natureOfOwnership>
            </ownershipNature>
        </nonDerivativeHolding>
        <nonDerivativeHolding>
            <securityTitle>
                <value>Series AA Redeemable Preferred Stock</value>
            </securityTitle>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>40887</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>King Street Capital, Ltd.</value>
                </natureOfOwnership>
            </ownershipNature>
        </nonDerivativeHolding>
        <nonDerivativeHolding>
            <securityTitle>
                <value>Common Stock</value>
            </securityTitle>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>2253</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>King Street Capital, L.P.</value>
                </natureOfOwnership>
            </ownershipNature>
        </nonDerivativeHolding>
        <nonDerivativeHolding>
            <securityTitle>
                <value>Common Stock</value>
            </securityTitle>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>4630</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>King Street Capital, Ltd.</value>
                </natureOfOwnership>
            </ownershipNature>
        </nonDerivativeHolding>
    </nonDerivativeTable>

    <remarks>(1) Prior to the reorganization of Pliant Corporation (the &quot;Company&quot;) under Chapter 11 of the United States Bankruptcy Code,
 King Street Capital, L.P., King Street Capital, Ltd. and King Street Institutional, Ltd. held 13% Senior Subordinated Notes
 due 2010 (the &quot;Old Subordinated Notes&quot;), issued by the Company under the Indentures dated as of May 31, 2000 and April 10,
 2002 as amended, among the Company, certain subsidiaries of the Company and The Bank of New York as trustee.  In connection
 with such reorganization, the holders of the Old Subordinated Notes exchanged the Old Subordinated Notes for a combination
 of the Series AA Redeemable Preferred Stock (reported on this Form 3), the Common Stock (reported on this Form 3), 13%
 Senior Subordinated Notes due 2010 issued under the Indenture dated as of July 18, 2006 among the Company, certain
 subsidiaries of the Company and The Bank of New York Trust Company, N.A. as trustee, and a cash payment equal to 1% of the
 aggregate principal amount of the Old Subordinated Notes.  (2) These securities are owned by King Street Capital, L.P. and
 King Street Capital, Ltd.  King Street Capital Management, L.L.C. has been delegated investment advisory responsibilities by
 King Street Advisors, L.L.C., the General Partner of King Street Capital, L.P. and is also the investment manager of King
 Street Capital, Ltd.  O. Francis Biondi, Jr. and Brian Higgins are the managing members of King Street Capital Management,
 L.L.C.  (3) Each of the reporting person and the joint filers disclaims beneficial ownership of the reported securities
 except to the extent of his or its pecuniary interest therein, and this report shall not be deemed an admission that the
 reporting person or any joint filer is the beneficial owner of the securities for purposes of Section 16 of the Securities
 Exchange Act of 1934, as amended or for any other purposes.</remarks>

    <ownerSignature>
        <signatureName>King Street Capital Management, L.L.C., Reporting Person, By: /s/ Brian J. Higgins, Managing Principal</signatureName>
        <signatureDate>2006-11-17</signatureDate>
    </ownerSignature>
</ownershipDocument>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----