8-K

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

                                    FORM 8-K


                                 CURRENT REPORT
                     Pursuant to Section 13 or 15(d) of the
                         Securities Exchange Act of 1934


                Date of Report (Date of earliest event reported):
                                February 17, 2004


                               PLIANT CORPORATION
               (Exact name of company as specified in its charter)


          UTAH                           333-40067                 87-0496065
- ----------------------------      ------------------------       --------------
(State or other jurisdiction      (Commission file number)       (IRS Employer
    of incorporation)                                            Identification
                                                                     Number)

                         1475 Woodfield Road, Suite 700
                              Schaumburg, IL 60173
               (Address of principal executive offices) (Zip Code)


                                 (847) 969-3300
                ------------------------------------------------
                COMPANY'S TELEPHONE NUMBER, INCLUDING AREA CODE:


                                      N.A.
          (Former name or former address if changed since last report)




ITEM 5. OTHER EVENTS

     Attached as an Exhibit to this Form 8-K is a press release  dated  February
27, 2004 announcing the completion of the Company's offering and sale,  pursuant
to Rule 144A and  Regulation S under the Securities Act of 1933, of $306 million
principal  amount at maturity of its 11 1/8% Senior  Secured  Discount Notes due
2009 and its entering into a new five-year asset-based revolving credit facility
in the principal amount of up to $100 million.

ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS

(c)     Exhibits


EXHIBIT NO.              DOCUMENT

99.1                     Press Release dated February 27, 2004


SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the Company
has duly  caused  this  report  to be signed  on its  behalf by the  undersigned
hereunto duly authorized.


                                                 PLIANT CORPORATION


Date: February 27, 2004                     By:  /S/ Brian E. Johnson
                                                 -----------------------------
                                                 Brian E. Johnson
                                                 Executive Vice President and
                                                 Chief Financial Officer

EX-99

                                                                    EXHIBIT 99.1

February 27, 2004

FOR IMMEDIATE RELEASE

PLIANT  CORPORATION  COMPLETES SALE OF $306 MILLION PRINCIPAL AMOUNT AT MATURITY
OF ITS 11 1/8% SENIOR  SECURED  DISCOUNT NOTES DUE 2009 AND ENTERS INTO NEW $100
MILLION REVOLVING CREDIT FACILITY

SCHAUMBURG,  IL  --  Pliant  Corporation  ("Pliant")  announced  today  that  it
completed the sale of $306 million  principal  amount at maturity of its 11 1/8%
Senior Secured Discount Notes Due 2009 (the "Notes").  The net proceeds from the
offering of the Notes, in the amount of approximately  $225.3 million,  together
with borrowings  under the new revolving credit facility  described below,  were
used to pay off Pliant's  outstanding  indebtedness under its existing term loan
facilities in the aggregate amount of approximately $239.6 million,  eliminating
all principal  amortization payments until 2009. Upon closing of the sale of the
Notes,  Pliant  terminated its existing term and revolving credit facilities and
entered  into a new  five-year  asset-based  revolving  credit  facility  in the
principal amount of up to $100 million.

The Notes will accrete at the rate of 11 1/8% until  December  15,  2006,  after
which cash interest will accrue and be payable  semiannually  commencing on June
15, 2007 and continuing until the maturity date of June 15, 2009.

The offering and sale of the Notes was not  registered  under the Securities Act
of 1933, as amended (the "Securities  Act"), and the Notes may not be offered or
sold in the United States absent  registration  or an applicable  exemption from
the registration provisions of the Securities Act.

Pay-off  of  the  term  debt  (which  had  variable   rates  of  interest)   has
substantially  reduced the  Company's  exposure to interest  rate risk.  The new
revolving credit facility also has no financial  covenants through the first $75
million in borrowings,  after which there is only a fixed charge ratio of 1.1 to
1. Although the effective interest rate on the Notes is higher than the interest
rate on the paid-off term loans,  sale of the Notes and the new revolving credit
facility have enabled the Company to realize  greater  short-term  liquidity and
flexibility in its debt structure.

Pliant  Corporation  is a leading  producer  of  value-added  film and  flexible
packaging products for personal care, medical, food, industrial and agricultural
markets.   Pliant  operates  25  manufacturing   and  research  and  development
facilities around the world and employs approximately 3,250 people.

CONTACTS:

John C. McCurdy
Director of Corporate Communications
Voice:  330.896.6732
Fax:  330.896.6733
E-mail:  JOHN.MCCURDY@PLIANTCORP.COM

Brian Johnson
EVP and Chief Financial Officer
Voice:  847.969.3319
E-mail:  BRIAN.JOHNSON@PLIANTCORP.COM

Company Web Site:  www.pliantcorp.com