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):  September 26, 1996



                         PACKAGING RESEARCH CORPORATION
               (Exact name of registrant as specified in charter)



         Colorado                    0-11426                    84-0750762
(State or other jurisdiction       (Commission                (I.R.S. Employer
      of incorporation               File No.)               Identification No.)



               2582 South Tejon Street, Englewood, Colorado 80110
          (Address of principal executive offices, including zip code)



Registrant's telephone number, including area code:  (303) 936-2363



                                 Not Applicable
              (Former name, former address and former fiscal year,
                          if changed since last report)


                                        1

<PAGE>



Item 1-4. Not Applicable.

Item 5. Other Events

     On September 26, 1996,  Packaging  Research  Corporation  (the  "Company"),
announced that it was not able to make the semi-annual  interest  payment on its
subordinated  convertible  debentures due to defaults under senior indebtedness.
The defaults  include  defaults under financial  covenants and also a default in
the payment of interest due  Renaissance  Capital Growth & Income Fund III, Inc.
The subordinated  convertible  debentures  provide that so long as such defaults
are uncured or  unwaived,  no amount is payable on the  principal or interest of
the subordinated  convertible debentures until the principal and interest of the
senior indebtedness has been paid in full.

     Interest  of 8% on  the  subordinated  convertible  debentures  is  payable
semi-annually  on March 1 and  September 1 of each year and  commenced  March 1,
1994. To date, all interest payments have been made in a timely fashion with the
exception of the interest payment due on September 1, 1996.

Item 6-8. Not Applicable.



                                        2

<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, thereunto duly authorized.

                                         PACKAGING RESEARCH CORPORATION



Date:  October 25, 1996                              By: /s/ TIMOTHY G. PHILLIPS
     -------------------                                 -----------------------
                                                     Name:  Timothy G. Phillps
                                                     Title: President



                                        3
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{"company-data": {"conformed-name": "PACKAGING RESEARCH CORP", "cik": "0000718474", "assigned-sic": "3550", "irs-number": "840750762", "state-of-incorporation": "CO", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "001-11683", "film-number": "96647807"}, "business-address": {"street1": "2582 S TEJON", "city": "ENGLEWOOD", "state": "CO", "zip": "80110", "phone": "3039362363"}, "mail-address": {"street2": "2582 SOUTH TEJON STREET", "city": "ENGLEWOOD", "state": "CO", "zip": "80110"}, "former-company": [{"former-conformed-name": "GREENWOOD HOLDINGS INC/CO/", "date-changed": "19920703"}, {"former-conformed-name": "GREENWOOD RESOURCES INC /CO/", "date-changed": "19870814"}]}
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):  September 26, 1996

                         PACKAGING RESEARCH CORPORATION
               (Exact name of registrant as specified in charter)

         Colorado                    0-11426                    84-0750762
(State or other jurisdiction       (Commission                (I.R.S. Employer
      of incorporation               File No.)               Identification No.)

               2582 South Tejon Street, Englewood, Colorado 80110
          (Address of principal executive offices, including zip code)

Registrant's telephone number, including area code:  (303) 936-2363

                                 Not Applicable
              (Former name, former address and former fiscal year,
                          if changed since last report)

                                        1
Item 1-4. Not Applicable.

Item 5. Other Events

     On September 26, 1996,  Packaging  Research  Corporation  (the  "Company"),
announced that it was not able to make the semi-annual  interest  payment on its
subordinated  convertible  debentures due to defaults under senior indebtedness.
The defaults  include  defaults under financial  covenants and also a default in
the payment of interest due  Renaissance  Capital Growth & Income Fund III, Inc.
The subordinated  convertible  debentures  provide that so long as such defaults
are uncured or  unwaived,  no amount is payable on the  principal or interest of
the subordinated  convertible debentures until the principal and interest of the
senior indebtedness has been paid in full.

     Interest  of 8% on  the  subordinated  convertible  debentures  is  payable
semi-annually  on March 1 and  September 1 of each year and  commenced  March 1,
1994. To date, all interest payments have been made in a timely fashion with the
exception of the interest payment due on September 1, 1996.

Item 6-8. Not Applicable.

                                        2
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, thereunto duly authorized.

                                         PACKAGING RESEARCH CORPORATION

Date:  October 25, 1996                              By: /s/ TIMOTHY G. PHILLIPS
     -------------------                                 -----------------------
                                                     Name:  Timothy G. Phillps
                                                     Title: President

                                        3