X0202 3 2006-11-17 0 0001049442 PLIANT CORPORORATION NONE 0001218199 KING STREET CAPITAL MGMT LLC 65 EAST 55TH STREET 30TH FLOOR NEW YORK NY 10022 0 0 1 0 Series AA Redeemable Preferred Stock 19889 I King Street Capital, L.P. Series AA Redeemable Preferred Stock 40887 I King Street Capital, Ltd. Common Stock 2253 I King Street Capital, L.P. Common Stock 4630 I King Street Capital, Ltd. (1) Prior to the reorganization of Pliant Corporation (the "Company") under Chapter 11 of the United States Bankruptcy Code, King Street Capital, L.P., King Street Capital, Ltd. and King Street Institutional, Ltd. held 13% Senior Subordinated Notes due 2010 (the "Old Subordinated Notes"), issued by the Company under the Indentures dated as of May 31, 2000 and April 10, 2002 as amended, among the Company, certain subsidiaries of the Company 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 Series AA Redeemable Preferred Stock (reported on this Form 3), the Common Stock (reported on this Form 3), 13% Senior Subordinated Notes due 2010 issued under the Indenture dated as of July 18, 2006 among the Company, certain subsidiaries of the Company 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. (2) These securities are owned by King Street Capital, L.P. and King Street Capital, Ltd. King Street Capital Management, L.L.C. has been delegated investment advisory responsibilities by King Street Advisors, L.L.C., the General Partner of King Street Capital, L.P. and is also the investment manager of King Street Capital, Ltd. O. Francis Biondi, Jr. and Brian Higgins are the managing members of King Street Capital Management, L.L.C. (3) Each of the reporting person and the joint filers disclaims beneficial ownership of the reported securities except to the extent of his or its pecuniary interest therein, and this report shall not be deemed an admission that the reporting person or any joint filer is the beneficial owner of the securities for purposes of Section 16 of the Securities Exchange Act of 1934, as amended or for any other purposes. King Street Capital Management, L.L.C., Reporting Person, By: /s/ Brian J. Higgins, Managing Principal 2006-11-17