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):
November 14, 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 months ended September 30, 2007 and to answer questions about the business. The call will take place at 2:00 p.m. Eastern Standard Time on Wednesday, November 14, 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 present explanatory materials regarding the company’s business and third quarter earnings. These explanatory materials are set forth as Exhibit 99.2 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 months ended September 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 99.3 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 November 6, 2007.
99.2	Pliant Business Update 3rd Quarter 2007.
99.3	Pliant Corporation Reconciliation of Income 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 Company has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

PLIANT CORPORATION

Date: November 14, 2007	By: /s/ Joseph Kwederis
	Joseph Kwederis
	Senior Vice President and Chief Financial
	Officer

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EX-99.1

EXHIBIT 99.1

November 6, 2007

FOR IMMEDIATE RELEASE

Pliant Corporation to Hold Conference Call

Third 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 Third 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, November 14, 2007.

Participants in the United States can access the conference call by calling 888-791-6044, using the access code PLASTICS, or internationally by calling 210-839-8507 and using the same access code (PLASTICS). 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.verizonbusiness.com/nc/join/
CONFERENCE NUMBER:PA5897597
AUDIENCE PASSCODE: PLASTICS

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.

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CONTACT:

Stephen T. Auburn

Vice President and General Counsel

Steve.auburn@pliantcorp.com

Phone: 847-969-3319

Company Web Site: www.pliantcorp.com

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Cautionary Statement for Forward-Looking Information

Some of the statements set forth in this report and that will be made during the conference call discussed herein are considered “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.  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.

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EX-99.2

EXHIBIT 99.2

Pliant Business Update 3rd Quarter 2007

Pliant 2007 Overview Operating Well in a Tough Environment On-track to achieve 2007 Business plan EBITDAR on track to hit guidance -- ex-resin economics Liquidity on plan Strong forward investment program -- $46 million of capex Strong new product program - 5 “hit” new programs launched YTD Great accomplishment in a one-sided, all-up resin year Sales are essentially flat to prior year Reported pounds are down 2.5% primarily due to normal down-gauging activities This pound performance is roughly equal to the market as reported domestic sales of PE resin are down ~2% also (July 2007 versus 2006 period) Segment profit is essentially flat through the first three quarters of 2007 vs. 2006 $76 million versus $77 million We have offset $9.8 million of negative resin impact through October YTD Tracking to $46 million of capex invested in 2007 to modernize equipment functionality and lower costs Two plant closures – Barrie, Ontario, Canada and Langley, BC, Canada Set another record for recycling and reusing resin – 45 million pounds in 2007 (est) Net waste is now at 4% rate -- 35 million pounds left to go to be zero waste Liquidity has been explicitly managed, is on-track and will remain on-track

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

Pliant is Reinvesting Into its Business at Leadership Levels $145 Million invested in Last 4 Years Capital Investment ($ Million) $34M $46M $41M $24M We have only added one extrusion line in 4 years All other investment has been to make the film better, at lower costs and/or with better features -- printing, bag-making, multi-layering, gage control, material blending, surface treating -- $0 $10 $20 $30 $40 $50 2004 2005 2006 2007 Est

Pliant’s Capital Reinvestment Rate is Among the Highest in the Flexible Packaging Industry Peer Company Comparable Segments 2007 YTD Capital Expenditure Spending Rates CapEx / Depreciation Notes: Financial metrics for Atlantis, Berry, Griffon, Pactiv, Sealed Air and Tredegar are for comparable business segments only Sealed Air, Bemis Clopay, Berry & Pactiv reflect 2006 spending – segment spending not reported quarterly. Other results are 2007 YTD D & A includes intangible Amortization for all companies (including Pliant) because it is not reported separately at segment level Alcan results not included because CapEx includes expenditures on acquisitions Source: Industry SEC filings, management estimates 185% 123% 107% 97% 88% 81% 58% 53% 49% 37% 0% 20% 40% 60% 80% 100% 120% 140% 160% 180% 200% Winpak Sealed Air Pliant AEP Bemis Atlantis Clopay Tredegar Berry Pactiv

64% of Pliant’s Contracts Pass Resin Through on a Monthly Basis 2007 Pliant Resin Pass-Through Timing Monthly 64% >Quarterly 8% Quarterly 28%

2007 Resin Price Movements Have Been One-Sided –- All-Upward -- This is Very Different than Prior Years -- Resin Price Movements are Projected to Negatively Impact EBITDAR by ($12MM) in 2007 The 2007 CMAI Forecast and our 2007 Plan Was for a Positive Impact of +$1 million in 2007 This is a $13 million one-time swing versus plan Resin normalized EBITDAR is on track 0.500 0.520 0.540 0.560 0.580 0.600 0.620 0.640 0.660 0.680 0.700 0.720 0.740 0.760 Dec '06 Jan '07 Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec $ per pound PLIANT COMPOSITE MATERIAL INDEX 2006 2007 CMAI Forecast (Pliant 2007 Plan) Current View

2007 is Turning Out to be a Great Year for Cost Reduction Consolidation of Barrie and Langley facilities into other Pliant facilities, project complete in 4th quarter 2007 Annualized savings of $4.8MM Net waste reduction program at record rates Savings of $2.8MM thru September Continued reduction in salaried base costs Transportation savings of $1.3MM through September Implemented a $46 million capex program Projects average 3 year payback

Pliant is a Leader in Resin Recycling and Reuse Pliant recycles and reuses >45 million pounds of resins per year Proprietary development created unique ability to recycle previously incompatible materials with PE 2006 recycled total of 85,800 pounds 2007 run rate of 700,000 pounds (716% improvement) Investment in reprocessing equipment allowed for greater incorporation of printed waste 2006 recycled total of 780,000 pounds 2007 run rate of 1,150,000 pounds (47% improvement) 2007 year to date, Pliant has purchased 685,000 pounds of reprocessed resin from outside sources to supplement internal waste stream reuse Pliant has 10 off-line and 3 in-line repelletizers, with two more on order New product development for 100% recycled materials has generated customer interest

Net Waste is Being Driven Down With a Rock-Solid Commitment to Recycling Gross and Net Waste Rate (%) 2003 11.9% 2004 10.6% 2005 10.1% 2006 9.6% 2007 YTD 9.8% 2003 8.1% 2004 6.8% 2005 5.2% 2006 4.4% 2007 YTD 4.2% 3% 4% 5% 6% 7% 8% 9% 10% 11% 12% 13% Q1'03 Q2'03 Q3'03 Q4'03 Q1'04 Q2'04 Q3'04 Q4'04 Q1'05 Q2'05 Q3'05 Q4'05 Q1'06 Q2'06 Q3'06 Q4'06 Q1'07 Q2'07 Q3'07 Q4'07 Gross Waste Rate Net Waste Rate

2007 is Turning Out to be a Great Year for New Products Blockade TM Market interest in case-pack merchandising, replacing paperboard cartons Growing demand for source reduction Replacement of metallized moisture control/ pesticide films via innovative barrier film Microwave-in-the-bag packaging Annualized Wins through 3rd Qtr2007 8.5MM lbs 5.0MM lbs 2.5MM lbs 3.5MM lbs Highest-performing machine stretch film and handwrap available in the market FreshViewTM “Window” bag product features multi-lane, white-clear-white extrusion technology 4.0MM lbs

Next Generation of New Products Underway Elastic Film for adult incontinence products Pallet-wrap solution for products requiring waterproof / 5-sided protection alternative to corrugated Custom-designed Stretch Wrap as a replacement for poly-bags for bulk roll carpet producers Entry as vertically integrated, low-cost producer of retail and institutional cutter-box for food wrap TTO Printed/unprinted Tissue & Towel Overwrap and bundling films

Summary Pliant is committed to enterprise value creation Being a leader in our chosen markets Partnering with winning customers, winning suppliers Consistently lowering our costs Pliant will continue to invest at industry-leadership levels with a balanced program of cost reduction and enhanced film properties Pliant continues to advance its financial performance. Resin has caused a few irregular datapoints in reported results but we continue to march forward and upward

PLIANT - CONFIDENTIAL Responsible Leadership in the Flexible Packaging Industry.

Cautionary Statement for Forward-Looking Information Some of the statements in this report are in “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. Our risks are more specifically described in the “Risk Factors” section of our Annual Report on Form 10-K. 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.

EX-99.3

EXHIBIT 99.3

PLIANT CORPORATION

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

	3 Months Ended			3 Months Ended			9 Months Ended			9 Months Ended
Amounts in $ millions	September 30, 2007			September 30, 2006			September 30, 2007			September 30, 2006
Income from continuing operations before income taxes	$	19.1		$	376.6		$	1.4		$	303.1
Add back:
Depreciation and amortization	10.7			10.1			33.8			30.1
Interest	21.7			20.0			63.9			60.6
Restructuring and other costs	5.4			(0.7		)	7.2			(0.7		)
Reorganization costs	0.3			18.4			1.0			82.2
Other operating costs	—			—			1.1			—
Gain on extinguishment of debt	(32.5		)	(398.4		)	(32.5		)	(398.4		)
EBITDA(R) or Segment profit	$	24.7		$	26.0		$	75.9		$	76.9