SEC FORM 3

SEC Form 3

FORM 3

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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1. Name and Address of Reporting Person^*

KING STREET CAPITAL MGMT LLC

(Last)

(First)

(Middle)

65 EAST 55TH STREET

30TH FLOOR

(Street)

NEW YORK

10022

(City)

(State)

(Zip)

2. Date of Event Requiring Statement (Month/Day/Year)
11/17/2006

3. Issuer Name and Ticker or Trading Symbol
PLIANT CORPORORATION [ NONE ]

4. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

Director	X	10% Owner
Officer (give title below)		Other (specify below)

5. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Beneficially Owned
1. Title of Security (Instr. 4)	2. Amount of Securities Beneficially Owned (Instr. 4)	3. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	4. Nature of Indirect Beneficial Ownership (Instr. 5)
Series AA Redeemable Preferred Stock	19,889	I	King Street Capital, L.P.
Series AA Redeemable Preferred Stock	40,887	I	King Street Capital, Ltd.
Common Stock	2,253	I	King Street Capital, L.P.
Common Stock	4,630	I	King Street Capital, Ltd.

Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 4)	2. Date Exercisable and Expiration Date (Month/Day/Year)		3. Title and Amount of Securities Underlying Derivative Security (Instr. 4)		4. Conversion or Exercise Price of Derivative Security	5. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
1. Title of Derivative Security (Instr. 4)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	4. Conversion or Exercise Price of Derivative Security	5. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)

Explanation of Responses:

Remarks:

(1) Prior to the reorganization of Pliant Corporation (the "Company") 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 "Old Subordinated Notes"), 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.

	King Street Capital Management, L.L.C., Reporting Person, By: /s/ Brian J. Higgins, Managing Principal	11/17/2006
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 5 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.