UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                    FORM 8-K

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

        Date of Report (Date of earliest event reported): August 4, 2005

                         PACKAGING DYNAMICS CORPORATION
             (Exact Name of Registrant as Specified in its Charter)


          Delaware                      000-49741               32-0009217
(State or Other Jurisdiction    (Commission File Number)      (IRS Employer
      of Incorporation)                                      Identification No.)


                 3900 West 43rd Street, Chicago, Illinois 60632
              (Address of Principal Executive Offices) (Zip Code)


                                 (773) 843-8000
              (Registrant'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:

|_| Written communications pursuant to Rule 425 under the Securities Act
    (17 CFR 230.425)

|_| Soliciting material pursuant to Rule 14a-12 under the Exchange Act
    (17 CFR 240.14a-12)

|_| Pre-commencement communications pursuant to Rule 14d-2(b) under the
    Exchange Act (17 CFR 240.14d-2(b))

|_| Pre-commencement communications pursuant to Rule 13e-4(c) under the
    Exchange Act (17 CFR 240.13e-4(c))

<PAGE>


Item 2.02         Results of Operations and Financial Condition.

                  On August 4, 2005, Packaging Dynamics Corporation ("Packaging
Dynamics" or the "Company") issued a press release announcing its results of
operations for the second quarter ended June 30, 2005. A copy of the press
release, dated August 4, 2005, is furnished herewith as Exhibit 99.

                  In addition to financial results determined in accordance
with generally accepted accounting principles ("GAAP"), Packaging Dynamics
utilizes non-GAAP financial measures (within the meaning of Regulation G
promulgated by the Securities and Exchange Commission) in its second quarter
2005 press release. These measures should be considered in addition to results
prepared in accordance with GAAP, but are not a substitute for or superior to
GAAP results. Non-GAAP financial measures are used because management believes
this information provides investors useful information in evaluating the
results of the Company's continuing operations.

                  The Company has presented adjusted non-GAAP financial
measures which exclude the impact of a charge related to a product quality
claim in the Company's Specialty Laminations segment and certain management
transition costs related to organizational integration and restructuring in the
Company's Food Packaging segment. The Company's management uses these adjusted
financial measures to evaluate operating performance. The non-GAAP measure of
EBITDA is presented to supplement the consolidated financial statements in
accordance with GAAP. Specifically, management believes that EBITDA is of
interest to the Company's investors and lenders in relation to its debt
covenants, as certain of its debt covenants include EBITDA as a performance
measure. Packaging Dynamics defines EBITDA as income from operations plus
depreciation and amortization. EBITDA should not be construed as an alternative
to earnings from operations as determined in accordance with generally accepted
accounting principles, as an indicator of the Company's operating performance,
as a measure of liquidity or as an alternative to cash flow from operating
activities as determined in accordance with GAAP.

                  This information is furnished pursuant to Item 2.02 of Form
8-K and shall not be deemed filed for purposes of Section 18 of the Securities
Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to
the liabilities of that section, unless specifically incorporated by reference
in a document filed under the Securities Act of 1933, as amended, or the
Exchange Act. By filing this report on Form 8-K and furnishing this
information, Packaging Dynamics makes no admission as to the materiality of any
information in this report that is required to be disclosed solely by Item
2.02.

Item 9.01.        Financial Statements and Exhibits.

                  (c)      Exhibits.

Exhibit No.       Description
-----------       ------------------------------------------------------

Exhibit 99        Packaging Dynamics Corporation Press Release,
                  dated August 4, 2005.



<PAGE>



                                   SIGNATURES

         Pursuant to the requirements of the Securities Exchange Act of 1934,
as amended, the registrant has duly caused this report to be signed on its
behalf by the undersigned hereunto duly authorized.


                                               PACKAGING DYNAMICS CORPORATION


Dated: August 4, 2005                          By: /s/ Patrick T. Chambliss
                                                  -----------------------------
                                                  Patrick T. Chambliss
                                                  Vice President, Secretary and
                                                  Chief Financial Officer

<PAGE>

                                 EXHIBIT INDEX


Exhibit No.       Description
-----------       ------------------------------------------------------

Exhibit 99        Packaging Dynamics Corporation Press Release,
                  dated August 4, 2005.
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UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                    FORM 8-K

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

        Date of Report (Date of earliest event reported): August 4, 2005

                         PACKAGING DYNAMICS CORPORATION
             (Exact Name of Registrant as Specified in its Charter)

          Delaware                      000-49741               32-0009217
(State or Other Jurisdiction    (Commission File Number)      (IRS Employer
      of Incorporation)                                      Identification No.)

                 3900 West 43rd Street, Chicago, Illinois 60632
              (Address of Principal Executive Offices) (Zip Code)

                                 (773) 843-8000
              (Registrant'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:

|_| Written communications pursuant to Rule 425 under the Securities Act
    (17 CFR 230.425)

|_| Soliciting material pursuant to Rule 14a-12 under the Exchange Act
    (17 CFR 240.14a-12)

|_| Pre-commencement communications pursuant to Rule 14d-2(b) under the
    Exchange Act (17 CFR 240.14d-2(b))

|_| Pre-commencement communications pursuant to Rule 13e-4(c) under the
    Exchange Act (17 CFR 240.13e-4(c))
Item 2.02         Results of Operations and Financial Condition.

                  On August 4, 2005, Packaging Dynamics Corporation ("Packaging
Dynamics" or the "Company") issued a press release announcing its results of
operations for the second quarter ended June 30, 2005. A copy of the press
release, dated August 4, 2005, is furnished herewith as Exhibit 99.

                  In addition to financial results determined in accordance
with generally accepted accounting principles ("GAAP"), Packaging Dynamics
utilizes non-GAAP financial measures (within the meaning of Regulation G
promulgated by the Securities and Exchange Commission) in its second quarter
2005 press release. These measures should be considered in addition to results
prepared in accordance with GAAP, but are not a substitute for or superior to
GAAP results. Non-GAAP financial measures are used because management believes
this information provides investors useful information in evaluating the
results of the Company's continuing operations.

                  The Company has presented adjusted non-GAAP financial
measures which exclude the impact of a charge related to a product quality
claim in the Company's Specialty Laminations segment and certain management
transition costs related to organizational integration and restructuring in the
Company's Food Packaging segment. The Company's management uses these adjusted
financial measures to evaluate operating performance. The non-GAAP measure of
EBITDA is presented to supplement the consolidated financial statements in
accordance with GAAP. Specifically, management believes that EBITDA is of
interest to the Company's investors and lenders in relation to its debt
covenants, as certain of its debt covenants include EBITDA as a performance
measure. Packaging Dynamics defines EBITDA as income from operations plus
depreciation and amortization. EBITDA should not be construed as an alternative
to earnings from operations as determined in accordance with generally accepted
accounting principles, as an indicator of the Company's operating performance,
as a measure of liquidity or as an alternative to cash flow from operating
activities as determined in accordance with GAAP.

                  This information is furnished pursuant to Item 2.02 of Form
8-K and shall not be deemed filed for purposes of Section 18 of the Securities
Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to
the liabilities of that section, unless specifically incorporated by reference
in a document filed under the Securities Act of 1933, as amended, or the
Exchange Act. By filing this report on Form 8-K and furnishing this
information, Packaging Dynamics makes no admission as to the materiality of any
information in this report that is required to be disclosed solely by Item
2.02.

Item 9.01.        Financial Statements and Exhibits.

                  (c)      Exhibits.

Exhibit No.       Description
-----------       ------------------------------------------------------

Exhibit 99        Packaging Dynamics Corporation Press Release,
                  dated August 4, 2005.
SIGNATURES

         Pursuant to the requirements of the Securities Exchange Act of 1934,
as amended, the registrant has duly caused this report to be signed on its
behalf by the undersigned hereunto duly authorized.

                                               PACKAGING DYNAMICS CORPORATION

Dated: August 4, 2005                          By: /s/ Patrick T. Chambliss
                                                  -----------------------------
                                                  Patrick T. Chambliss
                                                  Vice President, Secretary and
                                                  Chief Financial Officer
EXHIBIT INDEX

Exhibit No.       Description
-----------       ------------------------------------------------------

Exhibit 99        Packaging Dynamics Corporation Press Release,
                  dated August 4, 2005.