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):
August 15, 2007

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

Delaware	333-40067	43-2107725
(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)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

oWritten communications pursuant to Rule 425 under the Securities Act

oSoliciting material pursuant to Rule 14a-12 under the Exchange Act

oPre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act

oPre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act

ITEM 7.01. REGULATION FD DISCLOSURE.

As previously announced, we will hold a conference call to discuss our operating results for the three and six months ended June 30, 2007 and to answer questions about the business. The call will take place at 2:00 p.m. Eastern Standard Time on Wednesday, August 15, 2007. Our press release containing information on how to access the conference call is set forth as Exhibit 99.1 to this Report.

As part of the conference call, Harold Bevis, President and Chief Executive Officer of Pliant, will read from a press release to Pliant’s customers, investors and employees regarding the company’s business and first half earnings and present additional explanatory materials. This press release is set forth as Exhibit 99.2 to this Report and the additional materials are set forth as Exhibit 99.3 to this Report.

In addition to the financial results reported in our Form 10-Q, the press release includes, and our management will discuss, certain non-GAAP financial information related to the three and six months ended June 30, 2007, including certain quarterly segment profit amounts. The information required by Regulation G under the Securities Exchange Act of 1934 with respect to these amounts is included on Exhibit 99.4 to this Report.

The information in this Item 7.01 of Form 8-K (including Exhibit 99.2) is “furnished” and not “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934 (the “Exchange Act”) or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933 or the Exchange Act, except as expressly set forth by specific reference in such filing.

ITEM 9.01. FINANCIAL STATEMENT AND EXHIBITS

(d)           Exhibits.

Exhibit No.	Description
99.1	Press Release dated August 9, 2007.
99.2	Press Release dated August 15, 2007.
99.3	Second Quarter 2007 Business Update.
99.4	Pliant Corporation Reconciliation of Loss from Continuing Operations Before Income Taxes and EBITDA(R)/Segment Profit.

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SIGNATURE

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

PLIANT CORPORATION

Date: August 15, 2007	By:  /s/ Joseph Kwederis
	Joseph Kwederis
	Senior Vice President and Chief Financial
	Officer

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EX-99.1

EXHIBIT 99.1

August 9, 2007

FOR IMMEDIATE RELEASE

Pliant Corporation to Hold Conference Call

Second Quarter 2007 Financial Results

SCHAUMBURG, IL — Harold Bevis, President and CEO of Pliant Corporation, announced today that the Company will host a conference call and webcast to discuss the Company’s Second Quarter 2007 financial results and to answer questions about the business. The call will take place at 2:00 p.m. Eastern Time on Wednesday, August 15, 2007.

Participants in the United States can access the conference call by calling 888-324-0789, using the access code Pliant, or internationally by calling 773-681-5826 and using the same access code (Pliant). Participants are encouraged to dial-in at least ten minutes prior to the start of the teleconference.

Net Conferencing will also be available for viewing a PowerPoint presentation. For access to the net conference, utilize the call-in numbers above, together with the following information:

URL:  https://e-meetings.mci.com/nc/join/

Conference Number:  PB1620983

Audience Passcode:  PLIANT

Following the call’s completion, an audio web replay will be available on the company’s website: www.pliantcorp.com.

Pliant Corporation is a leading producer of value-added film and flexible packaging products for personal care, medical, food, industrial and agricultural markets. The Company operates 22 manufacturing and research and development facilities around the world, and employs approximately 3,000 people.

#   #   #

CONTACT:

Stephen T. Auburn

Vice President and General Counsel

Steve.auburn@pliantcorp.com

Phone: 847-969-3319

Company Web Site: www.pliantcorp.com

EX-99.2

EXHIBIT 99.2

August 15, 2007

FOR IMMEDIATE RELEASE

PLIANT PERFORMANCE STEADY AND AHEAD OF PRIOR YEAR

Schaumburg, IL – Pliant Corporation today released its results for the 2nd quarter of 2007.

Sales, Profit Rate Steady and On Track

The company continued to implement its balanced business plan in the quarter. Sales and profit rate per pound (as measured by EBITDAR per pound) were consistent and steady at 12 cents per pound. The company continued its program of offsetting resin price volatility with cost actions to achieve earnings stability. 2007 year-to-date sales pounds were steady at 425 million pounds, essentially flat with 2006 after giving effect to downgauging.

Capital Reinvestment Program Steady and On Track

The company has an on-going program of modernizing, improving and reinvesting into the company with its free cash flow at a rate of about $55 to $60 million per year. The company achieved this rate in the 1^st half of 2007. The four primary focus areas for reinvestment continue to be: throughput costs, fixed cost reduction, product quality improvement and new product programs. All areas were invested into during the 1^st half of 2007.

Free Cash Flow, Leverage Improved Again and On Track

The company improved its liquidity again in the quarter and deleveraged again, after giving effect to the refinancing of its $55 million sub-note. The company continued its program of spending less cash than it generates and reducing its net debt. Liquidity at mid-year improved and was on-plan at $72 million. Net leverage declined again and was on-plan at 7.0x (as measured by adjusted net debt divided by TTM EBITDAR).

2007 Full Year Guidance Update

CMAI is currently forecasting a steep increase in resin prices during the 2^nd half of 2007. If this forecast occurs, this will cause a timing miss (due to the lag effect of selling price adjustments) of about $8 million of EBITDAR in the 2^nd half 2007. This would impact our current guidance of $110 to $114 million EBITDAR. This will have to play out.

No matter what, the company intends to continue its program of spending less cash than it generates and intends to improve its liquidity in the 2^nd half of 2007. The company will gate its major programs to be in concert with overall cashflow and liquidity improvement objectives. All actions to this end are on or ahead of plan.

Conclusion

Harold Bevis, President and CEO of Pliant Corporation said, “We continue to run the company with a steady hand with our Balanced Business Plan. Resin prices are projected to be much more unfavorable than anyone expected and could impact our 2^nd half 2007 EBITDAR, if the prevailing 2^nd half 2007 resin forecasts are accurate. We remain firmly committed to our strategically sound business plan built upon focused sales growth, continuous cost reduction and a strong sustainable business foundation.”

DISCLOSURE REGARDING FORWARD-LOOKING STATEMENTS

This release includes “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These statements relate to analyses and other information that is based on forecasts of future results and estimates of amounts not yet determinable. These statements also relate to our future prospects, developments and business strategies. These forward-looking statements are identified by their use of terms and phrases such as “anticipate,” “believe,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “predict,” “project,” “will” and similar terms and phrases, including references to assumptions. These forward-looking statements are not historical facts but instead represent only expectations, estimates and projections regarding future events. These statements are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors that are difficult to predict and may cause actual results to be materially different. These factors include, but are not limited to, the following:

•general economic and business conditions, particularly an economic downturn;

•continuing losses and charges against earnings resulting from restructurings or the impairment of assets;

•industry trends;

•risks of high leverage and any increases in our leverage;

•interest rate increases;

•changes in our ownership structure;

•changes in the Company’s composition of operating segments;

•raw material costs and availability, particularly resin;

•the timing and extent to which we pass through resin cost changes to our customers;

•the loss of any of our key suppliers;

•changes in credit terms from our suppliers;

•competition;

•the loss of any of our major customers;

•changes in demand for our products;

•new technologies;

•changes in distribution channels or competitive conditions in the markets or countries where we operate;

•costs of integrating any future acquisitions;

•loss of our intellectual property rights;

•foreign currency fluctuations and devaluations and political instability in our foreign markets;

•changes in our business strategy or development plans;

•availability, terms and deployment of capital;

•labor relations and work stoppages;

•availability of qualified personnel;

•increases in the cost of compliance with laws and regulations, including environmental laws and regulations; and

•other risks and uncertainties listed or described from time to time in reports we periodically file with the SEC.

We may also make additional forward-looking statements from time to time. All such subsequent forward-looking statements, whether written or oral, by us or on our behalf, are also expressly qualified by these cautionary statements. All forward-looking statements, including, without limitation, management’s examination of historical operating trends, are based upon our current expectations and various assumptions. Our expectations, beliefs and projections are expressed in good faith and we believe there is a reasonable basis for them. But there can be no assurance that management’s expectations, beliefs and projections will result or be achieved. All forward-looking statements apply only as of the date made. We undertake no obligation to publicly update or revise forward-looking statements which may be made to reflect events or circumstances after the date made or to reflect the occurrence of unanticipated events.

Our risks are more specifically described in the “Risk Factors” of Part I, Item 1A of the Company’s Annual Report on Form 10-K for the year ended December 31, 2006. If one or more of these risks or uncertainties materialize, or if underlying assumptions prove incorrect, our actual results may vary materially from those expected, estimated or projected.

#     #     #

Pliant is a leading producer of value-added film and flexible packaging products for personal care, medical, food, industrial and agricultural markets. Pliant operates 21 manufacturing and research and development facilities around the world and employs over 3,000 people.

CONTACT:

Steve Auburn

Phone:  847-969-3319

Email:  Steve.Auburn@pliantcorp.com

Company Web Site:  www.pliantcorp.com

EX-99.3

EXHIBIT 99.3

Second Quarter 2007 Business Update

Pliant’s Balanced Business Plan Solid Business Foundation Superior Product Quality Fair Customer Contracts Skilled and Motivated Workforce Business Foundation Cost Reduction Growth Continuous Cost Reduction Lean Manufacturing Materials Management Operational Footprint Focused Growth Partner with Winning Customers Innovative New Products Contemporary Machinery

2007 Major Initiatives – On Track Business Foundation Next Generation ERP & Financial System Sarbanes-Oxley (“SOX”) Compliance Program Business Foundation Cost Reduction Growth Cost Reduction Barrie, Ontario Plant Closure Langley, B. C. Plant Closure Waste Re-Use/Reduction Programs SG & A Cost Containment Growth Platforms Bullseye™ Printed Shrink MaxGrab™ Handled Bags SteamQuick™ Microwaveable Vegetable Bags Stratos™ High Yield Stretch Film Blockade™ Agricultural Film FreshView™ Bakery Bags Optym™ Medical Device Film Touch of Silk™ Feminine Care Film Complete On-track On-track On-track On-track On-track

Consistent Capital Investment is a Cornerstone to Making Sustainable Advancements Capital Investment ($ Million) $34M 60% 6.5 50% 41% 14% 10% 30% 45% 30% 22% Business Foundation Cost Reduction Growth 37% 41% 20% $60M $24M $41M 2004 2005 2006 2007 Plan $0 $10 $20 $30 $40 $50 $60

Pliant Sales Performance Has Been Steady 500 Million pounds 300 Million pounds 200 Million pounds 100 Million pounds 400 Million pounds 1st Half 2006 2nd Half 2006 1st Half 2007 436 Million Pounds 433 Million Pounds 425 Million Pounds Sales Pounds are essentially flat after giving effect to downgauging - Annual downgauging has averaged 10 to 15 million pound reduction year over year. Pliant has secured some nice wins that are planned to be produced on the newly refurbished and installed “Langley” machines in the 2nd half of 2007. Langley plant capacity was 10+ million pounds per year. Pliant plans to announce its next plant consolidation in the 2nd half of 2007.

The Current Outlook for Resin in the 2nd Half of 2007 is for Increased Prices Pliant Composite material Index If this resin outlook happens, it would cause an EBITDAR timing miss in 2nd half (due to price timing of contracts) of $8+ million. $8+ million of EBITDAR timing miss End of 2Q07 CMAI Forecast used to develop 2007 Plan (As of Jan 2007) Actual Resin Prices (Through Jun 2007) Revised CMAI Resin Forecast (Through Dec 2007) Key 0.50 0.51 0.52 0.53 0.54 0.55 0.56 0.57 0.58 0.59 0.60 0.61 0.62 0.63 0.64 0.65 0.66 0.67 0.68 0.69 0.70 0.71 0.72 Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec $ per Pound

Most of Pliant’s Business has Predetermined Selling Price Adjustment Agreements 84% of Pliant Sales have Predetermined Selling Price Adjustment Agreements 16% of Pliant Sales are Transactionally Priced Pliant Annual Revenue ≈ $1.2 Billion

Pliant’s has maintained steady EBITDAR per pound with moderate resin price volatility - the 2nd Half Could Be a Challenge - 1st half 2006 1st half 2007 2nd half 2006 2nd half 2007 (estimate) Composite Resin Cost $/lb EBITDAR $/lb $.66/lb $.62/lb $.57/lb $.68/lb $.12/lb $.12/lb $.12/lb $.12/lb

Pliant is steadily de-leveraging its capital structure and increasing its cash flow Net Debt/TTM EBITDAR ($ millions) 7.4X 7.3X 7.0X $739M $100M $762M $104M $729M $104M Note: 2nd Quarter 2007 Proforma financials reflect subsequent event of sub-note redemption on 7/16/07. S & P 1st Lien Upgrade 2006 Annual Report OTC Bulletin Board Quoting $55 million Sub-Note Redemption 3rd Quarter 2006 1st Quarter 2007 2nd Quarter 2007 Pro-Forma

Key 2nd Half 2007 Actions Langley assets are scheduled to be installed and come back on-line. Plan to announce our next major facility closure This would decrease fixed costs again by $3 million to $5 million. Plan to begin our next set of innovation/growth programs. Plan to order our leadtime capital for 2008. Plan to improve liquidity again by year-end 2007.

Discover more about us in Pliant 2006 Annual Report Request a copy via Susan Wilson susan.wilson@pliantcorp.com Our Character Our People Our Business Plan Our Philosophy

2nd Quarter 2007 Summary Pliant is Committed to a Balanced Business Plan. - Partner with winning customers - Innovative and new solutions for the market - Cost reduction - Solid business foundation 2007 Major Initiatives are on-track and we plan to kick off long leadtime major initiatives for 2008 and beyond. The resin outlook for 2nd half 2007 is unfavorable, Pliant has plans to maintain 12 cents/lb EBITDAR margins. Pliant’s liquidity is forecasted to continue to steadily grow and will increase again by year-end. The 2006 Pliant Annual Report is now available. Pliant’s Preferred Stock is now being quoted on the OTC Bulletin Board. Thank you for your interest in Pliant

EX-99.4

EXHIBIT 99.4

PLIANT CORPORATION
Reconciliation of loss from continuing operations before income taxes
and EBITDA(R) or Segment Profit

	3 Months Ended	3 Months Ended	6 Months Ended	6 Months Ended
Amounts in $ millions	June 30, 2007	June 30, 2006	June 30, 2007	June 30, 2006
Loss from continuing operations before   income taxes	$(5.9)	$(14.0)	$(17.7)	$(73.6)
Add back:
Depreciation and amortization	11.5	10.0	23.1	20.0
Interest	21.0	20.5	42.1	40.6
Restructuring and other costs	0.5	—	1.9	0.1
Reorganization costs	0.4	10.3	0.7	63.8
Other operating costs	—	—	1.1	—
EBITDA(R) or Segment profit	$27.5	$26.8	$51.2	$50.9