SEC Form 4

FORM 4		UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934 or Section 30(h) of the Investment Company Act of 1940	OMB APPROVAL OMB Number: 3235-0287 Estimated average burden hours per response: 0.5
	Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person* Auburn Stephen T (Last) (First) (Middle) 1475 WOODFIELD ROAD SUITE 700 (Street) SCHAUMBURG IL 60173 (City) (State) (Zip)	2. Issuer Name and Ticker or Trading Symbol PLIANT CORPORORATION [ NONE ]	5. Relationship of Reporting Person(s) to Issuer (Check all applicable) Director 10% Owner X Officer (give title below) Other (specify below) Vice President/General Counsel
	3. Date of Earliest Transaction (Month/Day/Year) 04/17/2007
	4. 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 Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Series M Preferred Stock	(2)	04/17/2007		A		5		(1)	(3)	Common Stock	(2)	$20	225	D

Explanation of Responses:

1. The Series M Preferred Stock automatically converts, upon the consummation of a Qualified Public Offering (as defined in the Company's Amended and Restated Certificate of Incorporation (the "Certificate of Incorporation")), into shares of the Covered Classes (as defined in the Certificate of Incorporation) that are outstanding immediately following the consummation of such Qualified Public Offering.

2. The Series M Preferred Stock would convert into a number of shares of the Covered Classes equal to the product of the then applicable Series M Liquidation Multiple (as defined in the Certificate of Incorporation) multiplied by the quotient of (a) the total number of fully-diluted shares of the Covered Classes outstanding immediately following the consummation of the Qualified Public Offering (excluding shares of Common Stock issed pursuant to such offering), but prior to giving effect to the conversion of the Series M Preferred divided by (b) the then applicable Series M factor (as defined in the Certificate of Incorporation).

3. There is no expiration date.

	Stephen T. Auburn	04/18/2007
	** 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 4 (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.
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