-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, K7rrX2ktQ0ArcLERaMq4Chf0g1VO8srvE261UK87783i9nvpL5vko4nbI4I/SrtV h4Ch84Ep38CuvMVl7vcjUA== 0000902664-07-000736.txt : 20070214 0000902664-07-000736.hdr.sgml : 20070214 20070213214259 ACCESSION NUMBER: 0000902664-07-000736 CONFORMED SUBMISSION TYPE: SC 13G PUBLIC DOCUMENT COUNT: 1 FILED AS OF DATE: 20070214 DATE AS OF CHANGE: 20070213 SUBJECT COMPANY: COMPANY DATA: COMPANY CONFORMED NAME: PLIANT CORPORORATION CENTRAL INDEX KEY: 0001049442 STANDARD INDUSTRIAL CLASSIFICATION: PLASTICS, FOIL & COATED PAPER BAGS [2673] IRS NUMBER: 432107725 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: SC 13G SEC ACT: 1934 Act SEC FILE NUMBER: 005-82593 FILM NUMBER: 07613390 BUSINESS ADDRESS: STREET 1: 1475 WOODFIELD ROAD CITY: SCHAUMBURG STATE: IL ZIP: 60173 BUSINESS PHONE: 8479693300 MAIL ADDRESS: STREET 1: 1475 WOODFIELD ROAD CITY: SCHAUMBURG STATE: IL ZIP: 60173 FORMER COMPANY: FORMER CONFORMED NAME: PLIANT CORP DATE OF NAME CHANGE: 20001113 FORMER COMPANY: FORMER CONFORMED NAME: HUNTSMAN PACKAGING CORP DATE OF NAME CHANGE: 19971110 FILED BY: COMPANY DATA: COMPANY CONFORMED NAME: KING STREET CAPITAL MGMT LLC CENTRAL INDEX KEY: 0001218199 IRS NUMBER: 133978904 FILING VALUES: FORM TYPE: SC 13G BUSINESS ADDRESS: STREET 1: 65 EAST 55TH STREET STREET 2: 30TH FLOOR CITY: NEW YORK STATE: NY ZIP: 10022 BUSINESS PHONE: 212-812-3100 MAIL ADDRESS: STREET 1: 65 EAST 55TH STREET STREET 2: 30TH FLOOR CITY: NEW YORK STATE: NY ZIP: 10022 SC 13G 1 sc13g.txt PLIANT CORPORATION UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 SCHEDULE 13G Under the Securities Exchange Act of 1934 Pliant Corporation (Name of Issuer) Series AA Redeemable Preferred Stock, Par Value $0.01 Per Share (Title of Class of Securities) 729136507 (CUSIP Number) December 31, 2006 (Date of Event Which Requires Filing of this Statement) Check the appropriate box to designate the rule pursuant to which this Schedule is filed: [ ] Rule 13d-1(b) [ ] Rule 13d-1(c) [X] Rule 13d-1(d) *The remainder of this cover page shall be filled out for a reporting person's initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter the disclosures provided in a prior cover page. The information required in the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes). - ----------------------------------------------------------------------------- (1) NAME OF REPORTING PERSON I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY) King Street Capital, L.P. 13-38-12174 - ----------------------------------------------------------------------------- (2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [ ] (b) [x] - ----------------------------------------------------------------------------- (3) SEC USE ONLY - ----------------------------------------------------------------------------- (4) CITIZENSHIP OR PLACE OF ORGANIZATION Delaware - ----------------------------------------------------------------------------- NUMBER OF (5) SOLE VOTING POWER 0 SHARES ------------------------------------------------------------- BENEFICIALLY (6) SHARED VOTING POWER 19,889 OWNED BY _____________________________________________________________ EACH (7) SOLE DISPOSITIVE POWER 0 REPORTING ______________________________________________________________ PERSON WITH (8) SHARED DISPOSITIVE POWER 19,889 - ----------------------------------------------------------------------------- (9) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 19,889 - ----------------------------------------------------------------------------- (10) CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES [ ] - ----------------------------------------------------------------------------- (11) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) 5.9%^ - ----------------------------------------------------------------------------- (12) TYPE OF REPORTING PERSON PN - ----------------------------------------------------------------------------- ^ Calculated based on 335,592 shares of Series AA Redeemable Preferred Stock outstanding as of November 13, 2006, as reported in the Issuer's Form 8-A filed on November 17, 2006. - ----------------------------------------------------------------------------- (1) NAME OF REPORTING PERSON I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY) King Street Capital, Ltd. - ----------------------------------------------------------------------------- (2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [ ] (b) [x] - ----------------------------------------------------------------------------- (3) SEC USE ONLY - ----------------------------------------------------------------------------- (4) CITIZENSHIP OR PLACE OF ORGANIZATION British Virgin Islands - ----------------------------------------------------------------------------- NUMBER OF (5) SOLE VOTING POWER 0 SHARES ------------------------------------------------------------- BENEFICIALLY (6) SHARED VOTING POWER 40,887 OWNED BY _____________________________________________________________ EACH (7) SOLE DISPOSITIVE POWER 0 REPORTING ______________________________________________________________ PERSON WITH (8) SHARED DISPOSITIVE POWER 40,887 - ----------------------------------------------------------------------------- (9) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 40,887 - ----------------------------------------------------------------------------- (10) CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES [ ] - ----------------------------------------------------------------------------- (11) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) 12.2%^ - ----------------------------------------------------------------------------- (12) TYPE OF REPORTING PERSON CO - ---------------------------------------------------------------------------- ^ Calculated based on 335,592 shares of Series AA Redeemable Preferred Stock outstanding as of November 13, 2006, as reported in the Issuer's Form 8-A filed on November 17, 2006. - ----------------------------------------------------------------------------- (1) NAME OF REPORTING PERSON I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY) King Street Advisors, L.L.C. 13-38-12173 - ----------------------------------------------------------------------------- (2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [ ] (b) [x] - ----------------------------------------------------------------------------- (3) SEC USE ONLY - ----------------------------------------------------------------------------- (4) CITIZENSHIP OR PLACE OF ORGANIZATION Delaware - ----------------------------------------------------------------------------- NUMBER OF (5) SOLE VOTING POWER 0 SHARES ------------------------------------------------------------- BENEFICIALLY (6) SHARED VOTING POWER 19,889 OWNED BY _____________________________________________________________ EACH (7) SOLE DISPOSITIVE POWER 0 REPORTING ______________________________________________________________ PERSON WITH (8) SHARED DISPOSITIVE POWER 19,889 - ----------------------------------------------------------------------------- (9) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 19,889 - ----------------------------------------------------------------------------- (10) CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES [ ] - ----------------------------------------------------------------------------- (11) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) 5.9%^ - ----------------------------------------------------------------------------- (12) TYPE OF REPORTING PERSON OO - ----------------------------------------------------------------------------- ^ Calculated based on 335,592 shares of Series AA Redeemable Preferred Stock outstanding as of November 13, 2006, as reported in the Issuer's Form 8-A filed on November 17, 2006. - ----------------------------------------------------------------------------- (1) NAME OF REPORTING PERSON I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY) King Street Capital Management, L.L.C. 13-3978904 - ----------------------------------------------------------------------------- (2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [ ] (b) [x] - ----------------------------------------------------------------------------- (3) SEC USE ONLY - ----------------------------------------------------------------------------- (4) CITIZENSHIP OR PLACE OF ORGANIZATION Delaware - ----------------------------------------------------------------------------- NUMBER OF (5) SOLE VOTING POWER 0 SHARES ------------------------------------------------------------- BENEFICIALLY (6) SHARED VOTING POWER 60,776 OWNED BY _____________________________________________________________ EACH (7) SOLE DISPOSITIVE POWER 0 REPORTING ______________________________________________________________ PERSON WITH (8) SHARED DISPOSITIVE POWER 60,776 - ----------------------------------------------------------------------------- (9) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 60,776 - ----------------------------------------------------------------------------- (10) CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES [ ] - ----------------------------------------------------------------------------- (11) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) 18.1%^ - ----------------------------------------------------------------------------- (12) TYPE OF REPORTING PERSON OO - ----------------------------------------------------------------------------- ^ Calculated based on 335,592 shares of Series AA Redeemable Preferred Stock outstanding as of November 13, 2006, as reported in the Issuer's Form 8-A filed on November 17, 2006. - ----------------------------------------------------------------------------- (1) NAME OF REPORTING PERSON I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY) O. Francis Biondi, Jr. - ----------------------------------------------------------------------------- (2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [ ] (b) [x] - ----------------------------------------------------------------------------- (3) SEC USE ONLY - ----------------------------------------------------------------------------- (4) CITIZENSHIP OR PLACE OF ORGANIZATION United States of America - ----------------------------------------------------------------------------- NUMBER OF (5) SOLE VOTING POWER 0 SHARES ------------------------------------------------------------- BENEFICIALLY (6) SHARED VOTING POWER 60,776 OWNED BY _____________________________________________________________ EACH (7) SOLE DISPOSITIVE POWER 0 REPORTING ______________________________________________________________ PERSON WITH (8) SHARED DISPOSITIVE POWER 60,776 - ----------------------------------------------------------------------------- (9) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 60,776 - ----------------------------------------------------------------------------- (10) CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES [ ] - ----------------------------------------------------------------------------- (11) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) 18.1%^ - ----------------------------------------------------------------------------- (12) TYPE OF REPORTING PERSON IN - ----------------------------------------------------------------------------- ^ Calculated based on 335,592 shares of Series AA Redeemable Preferred Stock outstanding as of November 13, 2006, as reported in the Issuer's Form 8-A filed on November 17, 2006. - ----------------------------------------------------------------------------- (1) NAME OF REPORTING PERSON I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY) Brian J. Higgins - ----------------------------------------------------------------------------- (2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [ ] (b) [x] - ----------------------------------------------------------------------------- (3) SEC USE ONLY - ----------------------------------------------------------------------------- (4) CITIZENSHIP OR PLACE OF ORGANIZATION United States of America - ----------------------------------------------------------------------------- NUMBER OF (5) SOLE VOTING POWER 0 SHARES ------------------------------------------------------------- BENEFICIALLY (6) SHARED VOTING POWER 60,776 OWNED BY _____________________________________________________________ EACH (7) SOLE DISPOSITIVE POWER 0 REPORTING ______________________________________________________________ PERSON WITH (8) SHARED DISPOSITIVE POWER 60,776 - ----------------------------------------------------------------------------- (9) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 60,776 - ----------------------------------------------------------------------------- (10) CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES [ ] - ----------------------------------------------------------------------------- (11) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) 18.1%^ - ----------------------------------------------------------------------------- (12) TYPE OF REPORTING PERSON IN - ----------------------------------------------------------------------------- ^ Calculated based on 335,592 shares of Series AA Redeemable Preferred Stock outstanding as of November 13, 2006, as reported in the Issuer's Form 8-A filed on November 17, 2006. ITEM 1(a). NAME OF ISSUER: Pliant Corporation (the "Issuer") ITEM 1(b). ADDRESS OF ISSUER'S PRINCIPAL EXECUTIVE OFFICES: 1475 Woodfield Road, Suite 700, Schaumburg, IL 60173 ITEM 2(a). NAME OF PERSON FILING: This Schedule 13G is being jointly filed by King Street Capital, L.P. ("KSC L.P."), King Street Capital, Ltd. ("KSC Ltd."), King Street Advisors, L.L.C. ("KSA"), King Street Capital Management, L.L.C. ("KSCM"), O. Francis Biondi, Jr. and Brian J. Higgins. KSC L.P., KSC Ltd., KSA, KSCM and Messrs. Biondi and Higgins are collectively referred to herein as "Reporting Persons". ITEM 2(b). ADDRESS OF PRINCIPAL BUSINESS OFFICE, OR IF NONE, RESIDENCE: The principal business address of KSC Ltd. is: c/o Walkers Chambers P.O. Box 92 Road Town, Tortola British Virgin Islands The principal business address of each of the other Reporting Persons is: 65 East 55th Street 30th Floor New York, New York 10022 ITEM 2(c). CITIZENSHIP: Messrs. Biondi and Higgins are both United States citizens. KSC Ltd. is a company organized under the laws of the British Virgin Islands. Each of the other Reporting Persons is organized under the laws of the State of Delaware, U.S.A. ITEM 2(d). TITLE OF CLASS OF SECURITIES: Series AA Redeemable Preferred Stock, par value $0.01 per share (the "Preferred Stock") ITEM 2(e). CUSIP NUMBER: 729136507 ITEM 3. IF THIS STATEMENT IS FILED PURSUANT TO 13d-1(b) OR 13d-2(b) OR (c), CHECK WHETHER THE PERSON FILING IS A: (a) [ ] Broker or dealer registered under Section 15 of the Act (b) [ ] Bank as defined in Section 3(a)(6) of the Act (c) [ ] Insurance Company as defined in Section 3(a)(19) of the Act (d) [ ] Investment Company registered under Section 8 of the Investment Company Act of 1940 (e) [ ] Investment Adviser registered under Section 203 of the Investment Advisers Act of 1940: see Rule 13d-1(b)(1)(ii)(E) (f) [ ] Employee Benefit Plan, Pension Fund which is subject to the provisions of the Employee Retirement Income Security Act of 1974 or Endowment Fund; see Rule 13d- 1(b)(1)(ii)(F) (g) [ ] Parent Holding Company, in accordance with Rule 13d- 1(b)(ii)(G) (h) [ ] Savings Associations as defined in Section 3(b) of the Federal Deposit Insurance Act (i) [ ] Church Plan that is excluded from the definition of an investment company under Section 3(c)(14) of the Investment Company Act of 1940 (j) [ ] Group, in accordance with Rule 13d-1(b)(1)(ii)(J) ITEM 4. OWNERSHIP. Prior to the reorganization of Pliant Corporation under Chapter 11 of the United States Bankruptcy Code, KSC L.P., KSC Ltd. and King Street Institutional Ltd. (which has since been merged into KSC Ltd.) held 13% Senior Subordinated Notes due 2010 (the "Old Subordinated Notes"), issued by the Issuer under the Indentures dated as of May 31, 2000 and April 10, 2002 as amended, among the Issuer, certain subsidiaries of the Issuer and The Bank of New York as trustee. In connection with such reorganization, the holders of the Old Subordinated Notes exchanged the Old Subordinated Notes for a combination of the Preferred Stock, the Common Stock, par value $0.01 per share, 13% Senior Subordinated Notes due 2010 issued under the Indenture dated as of July 18, 2006 among the Issuer, certain subsidiaries of the Issuer and The Bank of New York Trust Company, N.A. as trustee, and a cash payment equal to 1% of the aggregate principal amount of the Old Subordinated Notes. KSC L.P.: As of December 31, 2006, KSC L.P. may potentially have been deemed to have shared voting and dispositive power over the 19,889 of the Preferred Stock it owns, or 5.9% of the total outstanding shares of the Preferred Stock. This percentage of the outstanding shares of the Preferred Stock is based on 335,592 shares outstanding as of November 13, 2006, as reported by the Issuer in its Form 8-A. KSC LTD.: As of December 31, 2006, KSC Ltd. may potentially have been deemed to have shared voting and dispositive power over the 40,887 of the Preferred Stock it owns, or 12.2% of the total outstanding shares of the Preferred Stock. This percentage of the outstanding shares of the Preferred Stock is based on 335,592 shares outstanding as of November 13, 2006, as reported by the Issuer in its Form 8-A. KSA: Because KSA is the General Partner of KSC L.P., pursuant to Rule 13d-1, as of December 31, 2006, KSA may potentially have been deemed to be the beneficial owner of 19,889 shares of the Preferred Stock, or 5.9% of the outstanding shares of the Preferred Stock, consisting of the shares which were beneficially owned by KSC L.P. Because of the relationship described above, as of December 31, 2006, KSA may potentially have been deemed to have shared voting and dispositive power over the 19,889 shares of the Preferred Stock, or 5.9% of the outstanding shares of the Preferred Stock. KSCM: Because KSCM has been delegated certain investment advisory responsibilities by KSA on behalf of KSC L.P., and is also the Investment Manager of KSC Ltd., pursuant to Rule 13d-1, as of December 31, 2006, KSCM may potentially been deemed to be the beneficial owner of 60,776 shares of the Preferred Stock, or 18.1 % of the outstanding shares of the Preferred Stock, consisting of the shares which were beneficially owned by KSC L.P. and KSC Ltd. Because of the relationship described above, as of December 31, 2006, KSCM may potentially have been deemed to have shared voting and dispositive power over the 60,776 shares of the Preferred Stock, or 18.1% of the outstanding shares of the Preferred Stock. O. FRANCIS BIONDI, JR.: Because Mr. Biondi is a Managing Member of KSA and a Managing Principal of KSCM, pursuant to Rule 13d-1, as of December 31, 2006, Mr. Biondi may potentially have been deemed to be the beneficial owner of 60,776 shares of the Preferred Stock, or 18.1% of the outstanding shares of the Preferred Stock, consisting of the shares which were beneficially owned by KSC L.P. and KSC Ltd. Because of the relationship described above, as of December 31, 2006, Mr. Biondi may potentially have been deemed to have shared voting and dispositive power over an aggregate of the 60,776 shares of the Preferred Stock, or 18.1% of the outstanding shares of the Preferred Stock. BRIAN J. HIGGINS: Because Mr. Higgins is a Managing Member KSA and a Managing Principal of KSCM, pursuant to Rule 13d-1, as of December 31, 2006, Mr. Higgins may potentially have been deemed to be the beneficial owner of 60,776 shares of the Preferred Stock, or 18.1% of the outstanding shares of Common Stock, consisting of the shares which were beneficially owned by KSC L.P. and KSC Ltd. Because of the relationship described above, as of December 31, 2006, Mr. Higgins may potentially have been deemed to have shared voting and dispositive power over an aggregate of 60,776 shares of the Preferred Stock, or 18.1% of the outstanding shares of the Preferred Stock. Because of the relationships described above, the Reporting Persons may be deemed to constitute a "group" within the meaning of Rule 13d-5 under the Securities Exchange Act of 1934, and as such, each member of the group would be deemed to beneficially own, in the aggregate, all of the shares of the Common Stock held by members of the group. The Reporting Persons do not admit that they constitute a group within the meaning of Rule 13d-5. ITEM 5. OWNERSHIP OF FIVE PERCENT OR LESS OF A CLASS. If this statement is being filed to report the fact that as of the date hereof the Reporting Persons have ceased to be the beneficial owner of more than five percent of the class of securities, check the following [ ]. ITEM 6. OWNERSHIP OF MORE THAN FIVE PERCENT ON BEHALF OF ANOTHER PERSON. See Item 4. ITEM 7. IDENTIFICATION AND CLASSIFICATION OF THE SUBSIDIARY WHICH ACQUIRED THE SECURITY BEING REPORTED ON BY THE PARENT HOLDING COMPANY. Not applicable. ITEM 8. IDENTIFICATION AND CLASSIFICATION OF MEMBERS OF THE GROUP. Not applicable. ITEM 9. NOTICE OF DISSOLUTION OF GROUP. Not applicable. ITEM 10. CERTIFICATION. Not Applicable. This statement on Schedule 13G is not filed pursuant to Rule 13d-1(b) or Rule 13d-1(c). SIGNATURES After reasonable inquiry and to the best of our knowledge and belief, the undersigned certify that the information set forth in this statement is true, complete and correct. Dated: February 13, 2007 -------------------- King Street Capital, L.P.* By: King Street Advisors, L.L.C., its General Partner By: /s/ Brian J. Higgins ------------------------ Name: Brian J. Higgins Title: Managing Member King Street Capital, Ltd.* By: /s/ Brian J. Higgins ------------------------ Name: Brian J. Higgins Title: Director King Street Advisors, L.L.C.* By: /s/ Brian J. Higgins ------------------------ Name: Brian J. Higgins Title: Managing Member King Street Capital Management, L.L.C.* By: /s/ Brian J. Higgins ------------------------ Name: Brian J. Higgins Title: Managing Principal /s/ Brian J. Higgins - - ------------------------ Brian J. Higgins* /s/ O. Francis Biondi, Jr. - - ---------------------------- O. Francis Biondi, Jr.* * The Reporting Persons disclaim beneficial ownership over the Common Stock reported herein except to the extent of its or his pecuniary interest therein. The original statement shall be signed by each person on whose behalf the statement is filed or his authorized representative. If the statement is signed on behalf of a person by his authorized representative other than an executive officer or general partner of the filing person, evidence of the representative's authority to sign on behalf of such person shall be filed with this statement, provided, however, that a power of attorney, for this purpose which is already on file with the Commission may be incorporated by reference. The name and any title of each person who signs the statement shall be typed or printed beneath his signature. Note. Schedules filed in paper format shall include a signed original and five copies of the schedule, including all exhibits. See s.240.13d-7 for other parties for whom copies are to be sent. Attention. Intentional misstatements or omissions of fact constitute federal criminal violations (see 18 U.S.C. 1001). -----END PRIVACY-ENHANCED MESSAGE-----