8-K

UNITED STATES
SECURITIES AND EXCHANGE COMMISSIONWASHINGTON, D.C. 20549

FORM 8-K

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

Date of Report (Date of earliest event reported):
February 15, 2008

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 2.02. RESULTS OF OPERATIONS AND FINANCIAL CONDITION.

The disclosure set forth in Item 7.01 of this Report concerning certain unaudited results of operations and other performance data of Pliant Corporation (the “Company”) for the year ended December 31, 2007 (including the paragraphs stating that the information is preliminary in nature), and Exhibits 99.1, 99.2 and 99.3 to this Report are incorporated herein by reference.

ITEM 7.01. REGULATION FD DISCLOSURE.

Beginning on February 14, 2008, the Company delivered a presentation to certain vendors and investors relating to certain unaudited results of operations and other performance data for the year ended December 31, 2007.  The slides attached hereto as Exhibit 99.1, which are incorporated in this Item 7.01 by reference thereto, will be utilized in connection with such presentation and are being furnished hereto pursuant to Regulation FD.

On February 14, 2008, the Company issued a press release reporting certain unaudited results of operations and other performance data for the year ended December 31, 2007.   A copy of the press release is attached as Exhibit 99.2 to this Report and is incorporated in this Item 7.01 by reference thereto.

Since the year of 2007 has only recently ended, the unaudited data and other information that is presented in Exhibits 99.1 and 99.2 is preliminary in nature and based on information currently available to us as of the date of this Form 8-K.  Accordingly, this information is subject in all respects to the completion of disclosure controls and procedures required to finalize the Company’s financial statements and other information for the reporting period, which will be included in the Company’s Form 10-K for the year ended December 31, 2007.   As Exhibits 99.1 and 99.2 include certain non-GAAP financial information related to the year ended December 31, 2007, 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, which is incorporated in this Item 7.01 by reference thereto.

Investors should exercise caution in relying on the unaudited data and other information contained herein and should not draw any inferences from this information regarding financial or operating data that is not discussed herein.  There can be no assurance that the actual amounts ultimately filed in the Company’s Form 10-K for the year ended December 31, 2007 will not be materially different than the amounts disclosed in this Form 8-K.

The information in Item 2.02 and Item 7.01 of Form 8-K (including Exhibits 99.1, 99.2 and 99.3) 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.

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* * * * *

Cautionary Statement for Forward-Looking Information

Any disclosures in this report and the exhibits hereto that are not historical facts are forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). These forward-looking statements are subject to risks and uncertainties and are subject to change based upon a variety of factors that could cause actual results to differ materially from those we currently anticipate. Factors that could have a material and adverse impact on actual results are identified in the reports and documents the Company files from time to time with the U.S. Securities and Exchange Commission. The Company undertakes no obligation to publicly release the results of any revisions to these forward-looking statements that may be made to reflect events or circumstances after today or to reflect the occurrence of unanticipated events.

ITEM 9.01. FINANCIAL STATEMENT AND EXHIBITS

(d)           Exhibits.

Exhibit No.	Description
99.1	Presentation Relating to Certain Unaudited 2007 Results.
99.2	Press Release dated February 14, 2008.
99.3	Pliant Corporation Reconciliation of Income Before Taxes to EBITDAR for the 12 months ended December 31, 2007 and 2006.

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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: February 14, 2008	By: /s/ Joseph Kwederis
	Joseph Kwederis
	Senior Vice President and Chief Financial
	Officer

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EX-99.1

Exhibit 99.1

Pliant Reports a Record-Breaking 2007 and Looks Forward to a Great 2008

2 PLIANT – CONFIDENTIAL 2007 Financial Performance Highlights 2007 Financial Performance Highlights $97 million EBITDA on $1.1 billion in sales Figures are adjusted and unaudited EBITDAR profit rate was 11.4 cents/lb Above Pliant’s 4 year average of 11.1 cents/lb Record EBITDA profit rate in PVC products Record EBITDA profit rate in Stretch and Shrink products Net revolver balance (revolver usage plus cash on hand) was roughly unchanged year-end 2007 versus year-end 2006 Offset a 37% increase in PE resin prices by improving working capital turns to 6.6x

3 PLIANT – CONFIDENTIAL Record Sales in PVC business 103 million pounds Record Sales in Europe Record Sales in Mexico Record Sales from New Products Top 5 New Products generated an additional 35 million lbs of sales Record Sales in Medical Packaging products Record Sales of Personal Care printed products Record EBITDAR in Stretch and Shrink business Record EBITDAR profit rate in Stretch & Shrink business Record EBITDAR profit rate in PVC business Record recycling and resin re-manufacturing rates 135 million pounds of resin reused from internal and external scrap & waste 15% of total requirements Record plant operational efficiencies Net waste rates @ 4.1% 9 plants were below 1% waste 3 plants were 0% waste (or less) Record low number of salaried headcount 655 people on the payroll down from 870 in 4th qtr 2003 Record low number of plants in the footprint Consolidated 2 more manufacturing plants in 2007, 5 plants consolidated in 4 years Did extensive preparations to close 3 more plants Pliant Had Many Pliant Had Many Records Records in 2007 in 2007

4 PLIANT – CONFIDENTIAL Steady Resin Price Increases Caused Sales Price Compression Steady Resin Price Increases Caused Sales Price Compression Throughout the Year Throughout the Year -- -- That Was Largely Offset That Was Largely Offset The steady and large increases in PE resin prices caused Pliant to incur $23 million of sales price compression in its PE film contracts Dec '06 Jan '07 Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 2006 2007 PLIANT COMPOSITE MATERIAL INDEX $ per pound

5 PLIANT – CONFIDENTIAL Pliant Pliant’s Business Plan is Working s Business Plan is Working Modernizing and advancing our capabilities at industry-leading levels . $164 million CAPEX invested in 4 years Consistently and aggressively lowering our costs . Factories reduced by 20% in 4 years . Operational waste reduced by 55% in 4 years . Salaried headcount reduced by 25% in 4 years Driving new product growth through a focused Innovation and R&D program . 45 people have worked continuously for 4 years to develop new products . New product sales are at record rates . Patents are at record rates . Into our 3rd year of a successful summer intern program . Developing custom resins & additives with key suppliers Supporting growth initiatives with a major marketing and IP program . Tradenaming all major film advancements . Rolling out with collateral, tradeshow awareness, magazine awareness Securing profitable business with winning customers under long-term contracts . Increasing the sales rate & earnings rate stability of the company

6 PLIANT – CONFIDENTIAL Existing Market Leadership Personal Care Medical Agricultural Stretch Bakery Frozen Food Converter Films Cookie, Cracker, Cereal Meat Films Cutter Boxes Pliant is Committed to Growth & Leadership Pliant is Committed to Growth & Leadership in its Existing Markets in its Existing Markets -- -- and Entering/Expanding into New Markets and Entering/Expanding into New Markets -- -- Market Entry/Expansion Shrink Films Food Service Distribution Stretch Hooder European Business/Export Canada Business/Export Mexico Business/Export

7 PLIANT – CONFIDENTIAL Cookie, Cracker & Cereal Films Bakery & Frozen Food Pliant is Proud to be Aligned With Pliant is Proud to be Aligned With Category Category-Winning Customers Winning Customers Personal Care & Medical Food Sealant Films Stretch & Shrink Meat Films & Cutter Boxes

8 PLIANT – CONFIDENTIAL $0 $10 $20 $30 $40 $50 2005 2006 2007 2008 Plan Pliant is Modernizing & Advancing Its Capabilities at Leadership Pliant is Modernizing & Advancing Its Capabilities at Leadership Levels Levels -- -- $164 Million Invested in 4 Year Period $164 Million Invested in 4 Year Period – We are Expanding Growth Areas and Lowering Our Costs We are Expanding Growth Areas and Lowering Our Costs Capital Investment ($ Million)

9 PLIANT – CONFIDENTIAL 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 Pliant Pliant’s Investment Rate is Among the Highest in s Investment Rate is Among the Highest in the Flexible Packaging Industry the Flexible Packaging Industry Peer Company Comparable Segments 2007 YTD Capital Expenditure Investment Rates CapEx / Depreciation Rate 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

10 PLIANT – CONFIDENTIAL Plant Modernization Example Plant Modernization Example Pliant Has Transformed its Macedon, NY Plant into a Pliant Has Transformed its Macedon, NY Plant into a Printed Products Competitive Powerhouse Printed Products Competitive Powerhouse • Doubled the size of the factory to 330K square feet • Installed 10 color press • Installed 8 color press • Installed 5 bag lines • Installed DuPont Cyrel® FAST plate making system • Installed 3-layer blown extrusion line • Installed 10 color printing presses • Installed 8 color printing press • Installing 10 color press in Q1 • Installing conveyer system in bag department in Q1 • Installing 2 bag lines in Q2 • Installing 4 film extrusion lines in Q3/Q4 2005 2006 2007 2008 Pliant has invested $28 Million in Macedon since 2005 to increase its competitiveness and grow sales – and more is on the way

11 PLIANT – CONFIDENTIAL Pliant is an Innovator in Plastic Films and Pliant is an Innovator in Plastic Films and Flexible Plastic Packaging Flexible Plastic Packaging -- -- We Are Taking Our Leadership to the Next Level We Are Taking Our Leadership to the Next Level -- -- . 45 engineers for development and process support Lab, pilot and tech support . Focused, proprietary resin & additive development . Dedicated R&D centers Corporate Lab- Newport News Pilot Operations- Chippewa Falls . All leading approvals maintained ISO approved FPA Gold award winner FTA Gold award winner AIB Superior rated FDA approved . 100% in-house graphics design Digital concept to plate Flexographic & Rotogravure

12 PLIANT – CONFIDENTIAL Pliant Had a Record Year in 2007 Pliant Had a Record Year in 2007 Introducing New Products Introducing New Products Blockade Blockade ® Growing market for case-pack merchandising, replacing paperboard cartons Growing demand for source reduction Growing market for replacement of metallized moisture control/ pesticide films Growing market for “microwave-in-the-bag” packaging 2008 Flexible Packaging Award Winner – Packaging Innovation Category Annualized Wins through 4th Qtr2007 11.5MM lbs 6.0MM lbs 2.5MM lbs 10.5MM lbs Growing market for lowest-gage possible to accomplish pallet wrapping tasks 2008 Flexible Packaging Award Winner – Sustainability Innovation Category FreshView FreshViewTM Growing market for “Window” into the bag to view contents 4.0MM lbs ® ™

13 PLIANT – CONFIDENTIAL 21 26 15 17 19 21 23 25 27 Number of Patents 2004/2005 2006/2007 Pliant Pliant’s Innovations Have Truly Been s Innovations Have Truly Been “Industry Firsts Industry Firsts” and Our Patent Application Rate Proves It and Our Patent Application Rate Proves It

14 PLIANT – CONFIDENTIAL Pliant Summary Pliant Summary We are committed to our Business Plan and we are steadily winning profitable business the right way Innovative products, contemporary assets, categorywinning customers, long-term contracts We will aggressively lower our costs further in 2008 Consolidating 3 more plants, lowering operational waste rates again, lowering cycletimes again, increasing recycling & reuse rates again Pliant had a record-breaking year in 2007 and looks forward to a great year in 2008

15 PLIANT – CONFIDENTIAL Grow With Us!

16 PLIANT – CONFIDENTIAL Cautionary Statement for Forward Cautionary Statement for Forward- Looking Information Looking Information Any disclosures in this presentation that are not historical facts are forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). These forward-looking statements are subject to risks and uncertainties and are subject to change based upon a variety of factors that could cause actual results to differ materially from those we currently anticipate. Factors that could have a material and adverse impact on actual results are identified in the reports and documents Pliant files from time to time with the U.S. Securities and Exchange Commission. Pliant undertakes no obligation to publicly release the results of any revisions to these forward-looking statements to reflect events or circumstances after today or to reflect the occurrence of unanticipated events.

EX-99.2

Exhibit 99.2

February 14, 2007

FOR IMMEDIATE RELEASE

Pliant Reports a Record-Breaking 2007 and Looks Forward to a Great 2008

SCHAUMBURG, IL — Pliant today reported sales of $1.1 billion and $96.6 million of EBITDA (adjusted, unaudited). The company’s EBITDA rate was 11.4 cents per pound which was above the company’s 4 year average. Pliant reported record EBITDA per pound rates in PVC products and in Stretch & Shrink products. The company’s net revolver balance (revolver usage plus cash on hand) was roughly unchanged at year-end 2007 versus year-end 2006. The company offset the working capital impact of a 37% increase in PE prices with improved working capital turns of 6.6 turns. The company offset the P&L impact of a 37% increase in PE resin prices with cost containment actions. This 37% increase in PE resin caused $23 million in sales price compression in the company’s customer contracts.

Pliant set many Records in 2007, including:

·Record Sales in PVC business

·103 million pounds

·Record Sales in Europe

·Record Sales in Mexico

·Record Sales from New Products

·Top 5 New Products generated an additional 35 million lbs of sales

·Record Sales in Medical Packaging products

·Record EBITDA in Stretch and Shrink business

·Record EBITDA profit rate in Stretch & Shrink business

·Record EBITDA profit rate in PVC business

·Record recycling and resin re-manufacturing rates

·135 million pounds of resin reused from internal and external scrap & waste

·15% of total requirements

·Record plant operational efficiencies

·Net waste rates @ 4.1%

·9 plants were below 1% waste

·3 plants were 0% waste (or less)

·Record low number of salaried headcount

·655 people on the payroll down from 870 in 4^th qtr 2003

·Record low number of plants in the footprint

·Consolidated 2 more manufacturing plants in 2007, 5 plants consolidated in 4 years

·Did extensive preparations to close 3 more plants in 2008

Pliant remains committed to its 5 point business plan which continues to bear fruit.

1.Modernizing and advancing capabilities at industry-leading levels

·$164 million CAPEX invested in 4 years

2.Consistently and aggressively lowering costs

·Factories reduced by 20% in 4 years

·Operational waste reduced by 50% in 4 years

·Salaried headcount reduced by 25% in 4 years

3.Driving new product growth through a focused Innovation and R&D program

·45 people have worked continuously for 4 years to develop new products

·New product sales are at record rates

·Patents are at record rates

·Into our 3^rd year of a successful summer intern program

·Developing custom resins & additives with key suppliers

4.Supporting growth initiatives with a major marketing and IP program

·Tradenaming all major film advancements

·Rolling out with collateral, tradeshow awareness, magazine awareness

5.Securing profitable business with winning customers under long-term contracts

·Increasing the sales rate & earnings rate stability of the company

Pliant is committed to growth and leadership in its existing markets and is proud to be aligned with category-winning customers. Additionally, Pliant is entering/expanding into new markets.

Existing Markets

·Personal Care

·Medical

·Agricultural

·Stretch

·Bakery

·Frozen Food

·Converter Films

·Cookie, Cracker, Cereal Films

·Meat Films

·Cutter Boxes

Market Entry/Expansion

·Shrink Films

·Food Service Distribution

·Stretch Hooder

·European Business/Export

·Canada Business/Export

·Mexico Business/Export

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Pliant is systematically consolidating plants that are less competitive/high cost and - - at the same time — Pliant is aggressively modernizing the plants that we keep to increase our competitiveness. An example of this is what we have done in our Macedon, NY location. Pliant is systematically ensuring that this plant is a Printed Products Competitive Powerhouse. Key actions taken in the last 4 years at the Macedon, NY plant site are:

2005

·Added an additional 150,000 square feet to the original 180,000 square foot size and created a 330,000 square ft manufacturing footprint

2006

·Installed 10 color printing press

·Installed 8 color printing press

·Installed 5 bag lines

·Installed 100% digital plate making system for all printing presses

2007

·Installed 3-layer blown film extrusion line

·Installed 10 color printing press

·Installed 8 color printing press

2008

·Installing 10 color printing press in Q1

·Installing automated conveyor system in bag department in Q1

·Installing 2 bag lines in Q2

·Installing 4 film extrusion lines in Q3/Q4

Pliant has invested $28 million in its Macedon plant since 2005 to increase its competitiveness, grow sales and expand into other markets – and more is on the way in 2008.

Pliant is an Innovator in plastic films and flexible plastic packaging and we are taking our leadership to the next level.

·45 engineers for development and process support

·Focused, proprietary resin & additive development

·Dedicated R&D activities and pilot production lines

·All leading approvals are maintained including FDA, AIB and ISO

·100% in-house graphics design for flexographic & rotogravure printing

Pliant had a Record year in 2007 introducing New Products. The top 5 new products exceeded expectations and have been enthusiastically received by our customers.

·BullsEye™  shrink film stormed the market and has already been implemented at several leading water, beer and carbonated beverages

·Blockade® agriculture film captured a large portion of the market as a replacement for metallized moisture control & pesticide control films

·FreshView™ bakery bags were introduced into the growing market for “windowed” bags so that consumers can see the bread inside the bag

·Stratos™ stretch film was introduced as the lowest gage pallet wrap film available in the market

·SteamQuick® packages were introduced into the fast growing microwave-in-the-bag segment of the food market

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Pliant’s innovations have truly been industry firsts and our patent application rate proves it.

·2004/2005 — 21 patent applications

·2006/2007 — 26 patent applications

Pliant has applied for 47 patents in the last 4 years and will continue to protect its on-going innovation activities with an aggressive IP protection program.

In summary, Pliant remains committed to its Business Plan and is steadily winning profitable business the right way.

·Innovative products, contemporary assets, category-winning customers, long-term contracts

Pliant will aggressively lower its costs again in 2008.

·We will consolidate 3 more plants, lower operational waste rates again, lower cycle-times again, increase recycling and reuse rates again

Pliant had a record breaking year in 2007 and looks forward to a great year in 2008.

Sincerely,

Harold Bevis

President, CEO, Director

Pliant Corporation

Cautionary Statement for Forward-Looking Information

Any disclosures in this release that are not historical facts are forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). These forward-looking statements are subject to risks and uncertainties and are subject to change based upon a variety of factors that could cause actual results to differ materially from those we currently anticipate. Factors that could have a material and adverse impact on actual results are identified in the reports and documents Pliant files from time to time with the U.S. Securities and Exchange Commission. Pliant undertakes no obligation to publicly release the results of any revisions to these forward-looking statements that may be made to reflect events or circumstances after today or to reflect the occurrence of unanticipated events.

#              #              #

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 22 manufacturing and research and development facilities around the world and employs approximately 3,000 people.

CONTACTS:

Stephen T. Auburn

Vice President and General Counsel

Phone:  847-696-3319

Email:  steve.auburn@pliantcorp.com

Company Web Site:  www.pliantcorp.com

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EX-99.3

Exbibit 99.3

PLIANT CORPORATION

Reconciliation of income from continuing operations before income taxes and EBITDAR

	12 Months Ended			12 Months Ended
Amounts in $millions	December 31, 2007			December 31, 2006
Income from continuing operations before income taxes	$	(13.9	)	$	185.1
Add back:
Depreciation and amortization	44.9			40.6
Interest	86.1			79.9
Restructuring and other costs	9.9			(0.7		)
Reorganization costs	1.0			82.4
Impairment of goodwill and intangible assets	—			110.0
Impairment of fixed assets	—			0.3
Other operating costs	1.1			—
Gain on extinguishment of debt	(32.5		)	(393.7		)
EBITDA(R) or Segment profit	$	96.6		$	103.9