FORM 4 
   
  (   )  Check this box if no longer 
         subject to Section 16.  Form 4 
         or Form 5 obligations may continue. 
         See Instruction 1(b). 
  
         U.S. SECURITIES AND EXCHANGE COMMISSION       _____________________ 
                 WASHINGTON, D.C.  20549              |   OMB APPROVAL      | 
       STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP   |_____________________| 
                                                      |OMB NUMBER: 3235-0287|
                                                      |EXPIRES:             | 
                                                      | SEPTEMBER 30, 1998  | 
       Filed pursuant to Section 16(a) of the         |ESTIMATED AVERAGE    | 
         Securities Exchange Act of 1934,             |BURDEN HOURS         | 
        Section 17(a) of the Public Utility           |PER RESPONSE 0.5     | 
          Holding Company Act of 1935                 |_____________________| 
       or Section 30(f) of the Investment 
              Company Act of 1940 
 ___________________________________________________________________________
  1. Name and Address of Reporting Person 
     George V. Bayly 
     100 Tri-State Drive, Suite 200 
     Lincolnshire, IL 60069                                                  
 ___________________________________________________________________________
  2. Issuer Name and Ticker or Trading Symbol           
     
     Ivex Packaging Corporation/IXX                                          
 ___________________________________________________________________________
  3. IRS OR SOCIAL SECURITY NUMBER OF REPORTING PERSON (VOLUNTARY) 
     
 ___________________________________________________________________________
  4. Statement for Month/Year                 
     
     May/1998                                                                
 ___________________________________________________________________________
  5. If Amendment, Date of Original (Month/Year)                       
  
 ___________________________________________________________________________
  6. Relationship of reporting person to Issuer (Check all applicable) 
     ( X ) DIRECTOR 
     (   ) 10% OWNER    
     ( X ) OFFICER (GIVE TITLE BELOW) 
     (   ) OTHER (SPECIFY TITLE BELOW) 
  
    Chairman of the Board, President and Chief Executive Officer 
  

 ___________________________________________________________________________
 7. Individual, or Joint/Group Filing (Check all applicable) 
    ( X ) Form filed by One Reporting Person 
    (   ) Form filed by More than One Reporting Person 

  
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 TABLE I 
 Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned 
                                                                            
  
 ___________________________________________________________________________
  1. Title of Security (Instr. 3) 
  
     Common Stock                                                            
 ___________________________________________________________________________
  2. Transaction Date (Month/Day/Year) 
      
     5/20/98                                                                 
 ___________________________________________________________________________
  3. Transaction Code (Instr. 8) 
  
     J                                                                       
 ___________________________________________________________________________
  4. Securities Acquired (A) or Disposed of (D) (Instr. 3, 4, and 5) 
  
     251,985 disposed of at $24.00 per share.                                
 ___________________________________________________________________________
  5. Amount of Securities Beneficially Owned at End of Month (Instr. 3 and 4) 
  
     897,445                                                                 
 ___________________________________________________________________________
  6. Ownership Form: Direct(D) or Indirect(I) (Instr. 4) 
  
     D                                                                       
 ___________________________________________________________________________
  7. Nature of Indirect Beneficial Ownership (Instr. 4) 
  
 ___________________________________________________________________________
  Reminder:  Report on a separate line for each class of securities 
            beneficially owned directly or indirectly. 
 ===========================================================================
  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) 
  
 ___________________________________________________________________________
  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 Underlying Securities (Instr. 3 and 4) 
  
 ___________________________________________________________________________
 8. Price of Derivative Securities (Instr. 5) 
  
 ___________________________________________________________________________
 9. Number of Derivative Securities Beneficially Owned at End of Month 
         (Instr. 4) 
  
 ___________________________________________________________________________
 10. Ownership Form of Derivative Security: Direct(D) or Indirect(I) 
         (Instr. 4) 
  
 ___________________________________________________________________________
 11. Nature of Indirect Beneficial Ownership (Instr. 4) 
  
 ___________________________________________________________________________
 EXPLANATION OF RESPONSES:  Securities sold pursuant to an underwritten 
    public offering. 
  
  
  
                                                     
       /s/ George V. Bayly                               6/5/98          
    ----------------------------------               ------------
    **  SIGNATURE OF REPORTING PERSON                     DATE          
  
 _____________________________ 
  
    **  INTENTIONAL MISSTATEMENTS OR OMISSIONS OF FACTS CONSTITUTE FEDERAL 
        CRIMINAL VIOLATIONS.  SEE 18 U.S.C. 1001 AND 15 U.S.C. 78FF(A).