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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Estimated average burden
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1. Name and Address of Reporting Person^*

MCKENNA STEPHEN

(Last)

(First)

(Middle)

(Street)

(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)

X	Director	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)
Common Stock, $.01 par value	40,668	I	See Footnotes⁽¹⁾⁽²⁾
Series AA Redeemable Preferred Stock, $.01 par value	41,894	I	See Footnotes⁽³⁾⁽⁴⁾

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:

1. These shares of common stock are owned directly by the following entities in the following amounts: Southwest Industrial Films, LLC (21,468 shares), Southwest Industrial Films II, LLC (2,552 shares), Flexible Films, LLC (14,703 shares) and Flexible Films II, LLC (1,945 shares) and the managing member of each of these entities is J.P. Morgan Partners (BHCA), L.P. JPMP Master Fund Manager, L.P. is the general partner of J.P. Morgan Partners (BHCA), L.P. The Reporting Person is a limited partner of JPMP Master Fund Manager, L.P.

2. The actual pro rata portion of such beneficial ownership that may be deemed attributable to the Reporting Person is not readily determinable because it is subject to several variables, including the internal rate of return and vesting of interests within J.P. Morgan Partners (BHCA), L.P. and JPMP Master Fund Manager, L.P. Mr. McKenna disclaims beneficial ownership of the shares of common stock to the extent it exceeds his pecuniary interest therein.

3. These shares of Series AA Redeemable Preferred Stock are owned directly by the following entities in the following amounts: Flexible Films, LLC (36,998 shares) and Flexible Films II, LLC (4,896 shares) and the managing member of each of these entities is J.P. Morgan Partners (BHCA), L.P. JPMP Master Fund Manager, L.P. is the general partner of J.P. Morgan Partners (BHCA), L.P. The Reporting Person is a limited partner of JPMP Master Fund Manager, L.P.

4. The actual pro rata portion of such beneficial ownership that may be deemed attributable to the Reporting Person is not readily determinable because it is subject to several variables, including the internal rate of return and vesting of interests within J.P. Morgan Partners (BHCA), L.P. and JPMP Master Fund Manager, L.P. Mr. McKenna disclaims beneficial ownership of the shares of Series AA Redeemable Preferred Stock to the extent it exceeds his pecuniary interest therein.

	Stephen V. McKenna	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.