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)
                               October 23, 2003


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


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



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


Registrant's telephone number, including area code:  (773) 843-8000

                                      N/A
              ---------------------------------------------------
         (Former Name or Former Address, if Changed Since Last Report)


<PAGE>


ITEM 12.  Results of Operations and Financial Condition.

         On October 23, 2003, Packaging Dynamics Corporation issued a press
release announcing its results of operations for the third quarter ended
September 30, 2003. A copy of the press release, dated October 23, 2003, 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 2003 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 continuing operations and believes that this information provides the
users of the financial statements a valuable insight into the operating
results given the restructuring of Packaging Dynamics and distribution by Ivex
Packaging Corporation of its ownership interest in Packaging Dynamics last
year. The non-GAAP measure of adjusted earnings per share is presented on a
consolidated and segment basis to supplement the consolidated financial
statements in accordance with GAAP. Specifically, management believes that
adjusted earnings per share is useful because it allows investors and
management to evaluate and compare Packaging Dynamics's core operating results
from ongoing operations from period to period in a more meaningful and
consistent manner than relying exclusively on GAAP financial measures insofar
as it removes the effect of variances of GAAP-reported results of operations
that are not indicative of the shutdown of the Detroit paper mill in the
fourth quarter of 2003. Adjusted earnings per share should not be considered a
substitute for net income or loss, or as an indicator of operating performance
or whether cash flows will be sufficient to fund cash needs.

         This information is furnished pursuant to Item 12 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
12.





<PAGE>


                                 EXHIBIT INDEX


Exhibit
Number            Description
-----------       --------------

99                Packaging Dynamics Corporation Press Release
                  dated October 23, 2003.



<PAGE>




                                  SIGNATURES

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



                                            PACKAGING DYNAMICS CORPORATION
                                            ------------------------------------
                                            Registrant



Date:  October 23, 2003                     By: /s/ Henry C. Newell
                                                --------------------------------
                                                Henry C. Newell
                                                Vice President and Chief
                                                Financial Officer
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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)
                               October 23, 2003

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

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

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

Registrant's telephone number, including area code:  (773) 843-8000

                                      N/A
              ---------------------------------------------------
         (Former Name or Former Address, if Changed Since Last Report)
ITEM 12.  Results of Operations and Financial Condition.

         On October 23, 2003, Packaging Dynamics Corporation issued a press
release announcing its results of operations for the third quarter ended
September 30, 2003. A copy of the press release, dated October 23, 2003, 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 2003 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 continuing operations and believes that this information provides the
users of the financial statements a valuable insight into the operating
results given the restructuring of Packaging Dynamics and distribution by Ivex
Packaging Corporation of its ownership interest in Packaging Dynamics last
year. The non-GAAP measure of adjusted earnings per share is presented on a
consolidated and segment basis to supplement the consolidated financial
statements in accordance with GAAP. Specifically, management believes that
adjusted earnings per share is useful because it allows investors and
management to evaluate and compare Packaging Dynamics's core operating results
from ongoing operations from period to period in a more meaningful and
consistent manner than relying exclusively on GAAP financial measures insofar
as it removes the effect of variances of GAAP-reported results of operations
that are not indicative of the shutdown of the Detroit paper mill in the
fourth quarter of 2003. Adjusted earnings per share should not be considered a
substitute for net income or loss, or as an indicator of operating performance
or whether cash flows will be sufficient to fund cash needs.

         This information is furnished pursuant to Item 12 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
12.
EXHIBIT INDEX

Exhibit
Number            Description
-----------       --------------

99                Packaging Dynamics Corporation Press Release
                  dated October 23, 2003.
SIGNATURES

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

                                            PACKAGING DYNAMICS CORPORATION
                                            ------------------------------------
                                            Registrant

Date:  October 23, 2003                     By: /s/ Henry C. Newell
                                                --------------------------------
                                                Henry C. Newell
                                                Vice President and Chief
                                                Financial Officer