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



                                   FORM 10-Q
                                   ---------



(Mark One)

(X) QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
    ACT OF 1934
    For the quarterly period ended September 30, 1996

                                       OR

()  TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
    EXCHANGE ACT OF 1934


                       Commission File Number:  33-45897


                           PLASTIC CONTAINERS, INC.
            (Exact name of registrant as specified in its charter)


               Delaware                                    13-3632393
        (State or other jurisdiction of                 (I.R.S. Employer
        incorporation or organization)                  Identification No.)



                                One Aerial Way
                           Syosset, New York  11791
                   (Address of principal executive offices)
                        Telephone number (516) 822-4940


Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the preceding twelve months, and (2) has been subject to such filing
requirements for the past 90 days:

                          Yes  (X)          No  ( )


As of October 30, 1996, there were 100 shares of the registrant's common stock
outstanding.
<PAGE>
 
                                    PART I

                             FINANCIAL INFORMATION



ITEM 1.   FINANCIAL STATEMENTS
------------------------------


Condensed and Consolidated Balance Sheets as of September 30, 1996 and December
31, 1995 (unaudited).

Condensed and Consolidated Statements of Operations for the three months ended
September 30, 1996 and 1995 (unaudited).

Condensed and Consolidated Statements of Operations for the nine months ended
September 30, 1996 and 1995 (unaudited).

Condensed and Consolidated Statements of Cash Flows for the nine months ended
September 30, 1996 and 1995 (unaudited).

Notes to Condensed and Consolidated Financial Statements.

                                       2
<PAGE>
 
                   PLASTIC CONTAINERS, INC. AND SUBSIDIARIES
                   CONDENSED AND CONSOLIDATED BALANCE SHEETS
                                  (UNAUDITED)
                   (IN THOUSANDS, EXCEPT FOR SHARE AMOUNTS)
 
<TABLE>
<CAPTION>
                                                September 30,  December 31,
                                                    1996           1995    
                                                    ----           ----
                                                                           
                             Assets                                        
                             ------                                        
<S>                                                  <C>            <C>     
Current assets:                                                            
   Cash and cash equivalents                         $  1,178         1,428
 Accounts receivable, net                              31,034        33,068
  Inventories (note 3)                                 22,395        19,987
  Other current assets                                  3,396         3,241
                                                     --------       -------
    Total current assets                               58,003        57,724
                                                                           
Property, plant and equipment, net                    142,480       141,214
Intangible assets, net                                  6,652         9,976
Other assets                                           13,398        10,698
                                                     --------       -------
                                                     $220,533       219,612
                                                     ========       ======= 
<CAPTION> 
               Liabilities & Stockholders' Equity
               ----------------------------------
 
<S>                                                  <C>            <C>     
Current liabilities:                                  
Notes payable to bank                                 $ 9,820        17,018
 Accounts payable - trade                              22,567        24,898
 Current portion of                                                        
  long-term obligations                                17,667           141
  Other current liabilities                            21,220        15,423
                                                      -------       -------
   Total current liabilities                           71,274        57,480
                                                                           
Long-term obligations                                  92,363       105,212
Other liabilities                                      19,919        19,450
                                                      -------       -------
   Total liabilities                                  183,556       182,142 
 
Stockholders' equity:         
Common stock, $1 par value.  Authorized 1,000   
shares; 100 shares issued and outstanding                 --            -- 
  Additional paid-in capital                           60,000        60,000
  Retained earnings                                   (23,023)      (22,530)
                                                      -------       -------
   Total stockholders' equity                          36,977        37,470
                                                      -------       -------
                                                    $ 220,533       219,612
                                                      =======       =======
</TABLE> 
 

                                       3
<PAGE>
 
                   PLASTIC CONTAINERS, INC. AND SUBSIDIARIES
                   CONDENSED AND CONSOLIDATED STATEMENTS OF
                                 (UNAUDITED)
                                (IN THOUSANDS)
 
<TABLE> 
<CAPTION>  
                                                                  THREE  MONTHS ENDED
                                                              September 30,     September 30,
                                                                  1996              1995
                                                                  ----              ----
<S>                                                            <C>                <C>
                                                                                
Net sales                                                      $ 69,214           68,847
                                                                                
Cost of goods sold                                               57,592           60,511
                                                                -------           ------
           Gross profit                                          11,622            8,336
                                                                                
Selling, general and administrative expense                       6,929            7,697
Plant rationalization and realignment (note 4)                      400               --
                                                                -------           ------
           Operating income                                       4,293              639
                                                                                
Other income (expense):                                                         
    Interest income                                                  20               51
    Interest expense                                             (3,155)          (2,893)
    Loss on disposal of assets                                     (126)             (41)
                                                                -------           ------
        Total other income (expense)                             (3,261)          (2,883)
                                                                -------           ------
           Earnings (loss) before income taxes                    1,032           (2,244)
                                                                                
Income tax benefit                                                  625              206
                                                                -------           ------
           Net earnings (loss)                                  $ 1,657           (2,038)
                                                                =======           ======
</TABLE>

                                       4
<PAGE>
 
                   PLASTIC CONTAINERS, INC. AND SUBSIDIARIES
                   CONDENSED AND CONSOLIDATED STATEMENTS OF
                                  (UNAUDITED)
                                (IN THOUSANDS)
 
<TABLE>
<CAPTION>
                                                                    NINE  MONTHS ENDED
                                                             September 30,        September 30,
                                                                1996                  1995
                                                                ----                  ----
<S>                                                               <C>              <C>             
 
Net sales                                                     $196,232               213,810
                                                                           
Cost of goods sold                                             165,777               184,782
                                                               -------               ------- 
            Gross profit                                        30,455                29,028
                                                                           
Selling, general and administrative expense                     21,670                 22,45
                                                               -------               ------- 
Plant rationalization and realignment (note 4)                   1,500                    --
                                                               -------               ------- 
            Operating income                                     7,285                 6,571
                                                                           
Other income (expense):                                                    
       Interest income                                              74                   165
       Interest expense                                         (9,618)               (8,769)
       Loss on disposal of assets                                 (125)                  (81)
                                                               -------               ------- 
          Total other income (expense)                          (9,669)               (8,685)
                                                               -------               ------- 
            Loss before income taxes                            (2,384)               (2,114)
                                                                           
Income tax benefit                                               1,891                   298
                                                               -------               ------- 
            Net loss                                          $   (493)               (1,816)
                                                               =======               ======= 
</TABLE>

                                       5
<PAGE>
 
                   PLASTIC CONTAINERS, INC. AND SUBSIDIARIES
                 CONDENSED AND CONSOLIDATED STATEMENTS OF CASH
                                  (UNAUDITED)
                                (IN THOUSANDS)

<TABLE>
<CAPTION>
                                                                       NINE MONTHS ENDED
                                                                 September 30,    September 30,
                                                                     1996            1995
                                                                     ----            ----
<S>                                                              <C>                <C>
                                                                            
Cash flows from operating activities:                            $   (493)          (1,816)
Net loss                                                                    
 Adjustments:                                                               
Depreciation and amortization                                      17,878           18,165
  Loss on disposal of assets                                          125               81
   Changes in assets and liabilities                                2,986           11,570
                                                                 --------         --------
    Net cash provided by operating activities                      20,496           28,000
                                                                 --------         --------
                                                                            
                                                                            
Cash flows from investing activities:                                       
Change in investments, net                                             71                5
 Proceeds from disposal of assets                                     146              341
 Purchases of property, plant and equipment                       (18,442)         (24,002)
                                                                 --------         --------
    Net cash used in investing activities                         (18,225)         (23,656)
                                                                 --------         --------
                                                                            
Cash flows from financing activities:                                       
  Repayments of notes payable                                      (7,198)              --
                                                                            
Additions to long-term obligations                                  5,100               --
Repayments of long-term obligations                                  (423)              --
                                                                 --------         --------
Net cash used  in financing activities                             (2,521)              --
                                                                 --------         --------
                                                                            
Net increase (decrease) in cash and cash equivalents                 (250)           4,344
                                                                            
Cash and cash equivalents - beginning                               1,428            2,745
                                                                 --------         --------
                                                                            
Cash and cash equivalents - ending                               $  1,178            7,089
                                                                 ========         ========
                                                                            
Supplemental disclosure of cash flow information:                           
 Interest paid                                                   $  6,620            5,868
 Income taxes paid                                                      8              285
                                                                 ========         ========
</TABLE>

                                       6
<PAGE>
 
                   PLASTIC CONTAINERS, INC. AND SUBSIDIARIES
           NOTES TO CONDENSED AND CONSOLIDATED FINANCIAL STATEMENTS
                                  (unaudited)
                          (all dollars in thousands)


(1)  BASIS OF PRESENTATION

     The accompanying condensed and consolidated financial statements include
     Plastic Containers, Inc. (the "Company" or "PCI") and its wholly-owned
     subsidiaries, Continental Plastic Containers, Inc. ("CPC") and Continental
     Caribbean Containers, Inc. ("Caribbean") (collectively, the "Continental
     Plastic Container Companies"). All significant intercompany transactions
     have been eliminated in the consolidated financial statements.

     The condensed and consolidated financial statements are unaudited and
     reflect all adjustments which are, in the opinion of management, necessary
     for a fair presentation of the financial position and operating results for
     the interim periods. The condensed and consolidated financial statements
     should be read in conjunction with the consolidated financial statements
     and notes thereto contained in the Company's Form 10-K for the year ended
     December 31, 1995.

     Separate financial statements of CPC and Caribbean are not included because
     both such companies are fully and unconditionally liable as well as jointly
     and severally liable with respect to the senior secured notes issued by
     PCI, and because aggregate assets, liabilities, earnings and equity of CPC
     and Caribbean are substantially equivalent to the assets, liabilities,
     earnings and equity of PCI on a consolidated basis.

(2)  RECLASSIFICATIONS

     Certain 1995 balances have been reclassified to conform to the 1996
     presentation.

(3)  INVENTORIES

     Major classes of inventories at September 30, 1996 and December 31, 1995
     consist of the following:
 
                                            Sept. 30,  Dec. 31, 
                                              1996      1995
                                              ----      ----
               
              Raw materials                  $10,583     9,339
              Finished goods                  12,307    10,882
                                              ------    ------
                                              22,890    20,221
              LIFO reserve                    (2,025)   (2,025)
                                              ------    ------
                                              20,865    18,196
              Repair parts and supplies        1,530     1,791
                                              ------    ------
                                             $22,395    19,987
                                              ======    ====== 
 

                                       7
<PAGE>
 
                   PLASTIC CONTAINERS, INC. AND SUBSIDIARIES
            NOTES TO CONDENSED AND CONSOLIDATED FINANCIAL STATEMENTS



 
(4)  PLANT RATIONALIZATION AND REALIGNMENT

     The Company recorded charges of $1,100 and $400 in the second and third
     quarters of 1996, respectively, in connection with plans to consolidate
     certain manufacturing operations, reduce operating costs and better
     position itself to achieve its corporate objectives. The charges reflect
     primarily severance costs from workforce reductions. The Company expects to
     incur additional charges in the fourth quarter resulting from the write-
     down of excess equipment, employee relocation costs, and other incremental
     cost of transferring production from closing to continuing plants. Although
     these costs cannot be reasonably estimated at this time, depending on the
     actions ultimately taken, the additional charges could exceed $3,500.

     As of September 30, 1996, approximately $700 has been paid in connection
     with these actions. The actions are expected to be completed by the end of
     the first quarter of 1997.

                                       8
<PAGE>
 
  MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF
                       OPERATIONS (DOLLARS IN THOUSANDS)

GENERAL

       The Company is a leader in developing, manufacturing and marketing a wide
   range of custom extrusion blow-molded plastic containers for the food and
   juice, household chemicals, automotive products and motor oil, industrial and
   agricultural chemicals, and hair care products.  The Company manufactures
   single and multi-layer containers, primarily from HDPE and PP resins, ranging
   in size from two ounces to two and one-half gallons.  Management believes
   that the Company is the largest U.S. manufacturer of plastic automotive motor
   oil containers, and one of the three largest U.S. manufacturers of plastic
   containers for household chemical products.

       Approximately 86% of the Company's 1995 sales were made under contracts
   with customers with remaining terms of up to six years.  In most cases,
   contracts are renewed or replaced by new contracts prior to expiration.  The
   terms of the contracts, including any minimum purchasing requirements and the
   customers' ability to cancel, vary greatly with no accepted norm except for
   pass-throughs of raw material price increases.

       PCI's principal raw materials are HDPE and PP resins, which are delivered
   to PCI in pellet form.  During periods of tighter supply, PCI is typically
   able to procure sufficient quantities of resins to supply all of its
   customers' needs.  PCI's profit margins are substantially unaffected by
   fluctuations in resin prices because changes in resin prices are passed
   through to customers by means of corresponding changes in product pricing.

       The Company was organized in October 1991 for the purpose of acquiring
   the Continental Plastic Container Companies.  In November 1991, PCI purchased
   all the issued and outstanding capital stock of the Continental Plastic
   Container Companies in a transaction involving total consideration of $150.4
   million.  The Company is currently 50% owned by Continental Can Co., Inc., a
   publicly-held company which is principally engaged, through its subsidiaries,
   in manufacturing materials and containers used in the packaging industry.

RESULTS OF OPERATIONS

       Third Quarter of 1996 Compared to Third Quarter of 1995

       Net Sales.  Net sales for the third quarter of 1996 increased $367 (0.5%)
   to $69,214, compared to $68,847 for the third quarter of 1995.  The increase
   in sales was the result of an increase in unit volume of 5.6% which was
   offset by a decline in raw material costs that were passed on to customers in
   the form of lower prices.  Lower resin prices accounted for lower sales of
   approximately $2,100 in the third quarter of 1996 compared to the third
   quarter of 1995.

                                       9
<PAGE>
 
       Gross Profit.  Gross profit for the third quarter of 1996 was $11,622, an
   increase of $3,286 (39.4%) over gross profit of $8,336 for the third quarter
   of 1995. This increase resulted from the increase in sales volume, an
   increase in resin-adjusted margins, and a reduction in manufacturing costs.
   Higher than normal manufacturing costs in the third quarter of 1995 were due
   to start-up expenses and inefficiencies associated with a large number of
   capital projects that took place during the first nine months of 1995. These
   projects impacted performance at the majority of PCI's manufacturing
   locations. PCI had been awarded contracts with a number of its major
   customers that required new installations and changes to many of its existing
   lines. These awards were a result of PCI's successful sales and marketing
   efforts to increase volume, but unfortunately all occurred during a
   relatively short period of time. Technical and engineering resources were not
   available to simultaneously handle all of the installations. Abnormal levels
   of installation-related expenses for hiring and training hundreds of new
   employees and the resulting learning curve costs and general inefficiencies
   continued through the last six months of 1995. The assimilation of the new
   product lines was substantially completed by the end of 1995. This, coupled
   with a number of other productivity enhancements implemented during 1996,
   resulted in the significant year-to-year improvement.

       Gross profit percentage for the third quarter of 1996 was 16.8%, compared
   to 12.1% for the third quarter of 1995. The increase in gross profit
   percentage was the result of the increase in resin-adjusted margins and lower
   manufacturing costs as well as the impact of lower raw material costs. As
   discussed above, the decrease in sales attributed to decreases in resin
   prices are a direct pass through of raw material cost decreases and do not
   result in a corresponding decrease in gross profit dollars. Excluding the
   impact on sales of lower resin prices, gross profit percentage for the third
   quarter of 1996 would be 16.3%

       SG&A. Selling, general and administrative (SG&A) expense for the third
   quarter of 1996 decreased $768 (10.0%) to $6,929, compared to $7,697 for the
   third quarter of 1995. Third quarter 1995 expense levels were higher in part
   because of spending necessary to support the increased business activity
   discussed above. In addition, the decrease in third quarter 1996 expense
   reflects the Company's efforts to reduce SG&A spending in several areas. SG&A
   expense as a percentage of net sales for the third quarter of 1996 was 10.0%
   compared to 11.2% for the third quarter of 1995. The decrease in the
   percentage was the result of the reduction in expense which was partially
   offset by the impact on sales of the lower material costs. Excluding the
   impact on sales of lower material costs, SG&A as a percentage of net sales
   for the third quarter of 1996 would have been 9.7%.

       Plant Rationalization and Realignment.  In the third quarter of 1996, the
   Company recorded a charge of $400 for plant rationalization and realignment
   in connection with plans to consolidate certain manufacturing operations. The
   charge reflects primarily severance costs from workforce reductions. The
   consolidation is expected to result in higher equipment utilization, improved
   productivity and lower operating costs. Management expects the Company to
   incur additional charges in the fourth quarter resulting from the write-down
   of excess equipment, employee relocation costs, and other incremental cost of
   transferring production to continuing plants. Although these costs cannot be
   reasonably estimated at this time, depending on the actions ultimately taken,
   the additional charges could exceed $3,500. The actions are expected to be
   completed by the end of the first quarter of 1997.

       Other Expense.  Other expense for the third quarter of 1996 was $3,261,
   an increase of $378 (13.1%) compared to $2,883 for the third quarter of 1995.
   This increase results primarily from an increase in interest expense due to
   additional short-term borrowings outstanding during 1996.

       Income Tax Benefit.  An income tax benefit for the third quarter of 1996
   of $625 results primarily from a decrease in the valuation reserve for
   deferred tax assets.

                                       10
<PAGE>
 
       Net Earnings.  Net earnings for the third quarter of 1996 were $1,657,
   compared to a net loss of $2,038 for the third quarter of 1995.  The increase
   in third quarter earnings of $3,695 is the result of the increase in sales
   and corresponding margin dollars, the decreases in manufacturing costs and
   SG&A expenses, and the increase in income tax benefit.  Excluding the charge
   for plant rationalization and realignment, net earnings for the third quarter
   of 1996 would have been $2,057.

       Nine Months Ended September 30, 1996 Compared with Nine Months Ended
   September 30, 1995

       Net Sales.  Net sales for the first nine months of 1996 decreased $17,578
   (8.2%) to $196,232, compared to $213,810 for the first nine months of 1995.
   The decrease in sales is due primarily to lower raw material costs that are
   passed on to customers in the form of lower prices. Lower resin prices
   accounted for approximately $13,500 of the decline in sales for the first
   nine months of 1996. The additional decline in sales is the result of changes
   in product mix. Total unit volume for the first nine months of 1996 increased
   2.1% compared to the first nine months of 1995. However, the increase in unit
   volume was comprised of an increase in unit volume of smaller, lower-priced
   containers for the automotive and motor oil market while a decline in unit
   volume was experienced in larger, higher-priced bottles in the food and
   beverage market.

       Gross Profit.  Gross profit for the first nine months of 1996 was
   $30,455, an increase of $1,427 (4.9%) over gross profit of $29,028 for the
   first nine months of 1995. The increase in gross profit in 1996 compared to
   1995 results from an increase in resin-adjusted margins as well as the
   reduction in manufacturing costs discussed above.

       Gross profit percentage for the first nine months of 1996 was 15.5%,
   compared to 13.6% for the first nine months of 1995. The increase in gross
   profit percentage was the result of the decrease in sales associated with
   lower resin prices as well as an increase in resin-adjusted margins and a
   reduction in manufacturing costs. Excluding the impact of lower resin prices
   on sales, gross profit percentage for the first nine months of 1996 would be
   14.5%.

       SG&A.  Selling, general and administrative (SG&A) expense for the first
   nine months of 1996 decreased $787 (3.5%) to $21,670, compared to $22,457 for
   the first nine months of 1995.  The decrease reflects higher levels of
   spending in the third quarter of 1995 to support an increase in new business
   as well as the Company's efforts in 1996 to reduce SG&A expense in several
   areas.  SG&A expense as a percentage of net sales for the first nine months
   of 1996 was 11.0% compared to 10.5% for the first nine months of 1995.  The
   increase in the percentage was due to the decrease in sales resulting from
   lower material costs, offset by lower SG&A expense in 1996.  Excluding the
   impact on sales of lower material costs, SG&A as a percentage of net sales
   for the first nine months of 1996 would have been 10.3%.

       Plant Rationalization and Realignment.  Through the first nine months of
   1996 the Company recorded charges of $1,500 for plant rationalization and
   realignment in connection with a plan to consolidate certain manufacturing
   operations.  The charges reflect primarily severance costs from workforce
   reductions.

       Other Expense.  Other expense for the first nine months of 1996 was
   $9,669, an increase of $984 (11.3%) compared to $8,685 for the first nine
   months of 1995. This increase resulted primarily from an increase in interest
   expense due to additional short-term borrowings outstanding during 1996.

       Income Tax Benefit.  An income tax benefit for the first nine months of
   1996 of $1,891 results primarily from a decrease in the valuation reserve for
   deferred tax assets.

                                       11
<PAGE>
 
       Net Loss.  Net loss for the first nine months of 1996 was $493, compared
   to a net loss of $1,816 for the first nine months of 1995.  The decrease in
   loss for the first nine months of 1996 of $1,323 was primarily the result of
   an increase in gross profit dollars and the increase in tax benefit, offset
   by higher interest costs and the charges for plant rationalization and
   realignment.  Excluding the charges for plant rationalization and
   realignment, the Company would have had net earnings of $1,007 for the first
   nine months of 1996.

   CAPITAL REQUIREMENTS

       PCI acquired $18,442 in capital assets in the first nine months of 1996,
   compared to $24,002 in the first nine months of 1995.  Substantially all of
   the assets acquired were packaging equipment for the manufacture of plastic
   containers or related support equipment.  Capital expenditure levels in both
   1996 and 1995 are higher than normal levels due to the addition of the
   Atlanta facility in 1996 and plant expansions in several locations in 1995.

       The capital requirements in the first nine months of 1996 were met with
   cash generated by operations, from existing funds and from borrowings under
   existing credit facilities. Management estimates that the minimum capital
   expenditure which would be required to maintain PCI's current facilities
   averages less than $5 million per annum.

   LIQUIDITY

       The Company's primary sources of credit and liquidity are provided
   through a revolving credit facility of $50,000 and 10.75% senior secured
   notes in an aggregate principal amount of $104,700.

       The revolving credit facility has a term of seven years expiring October
   31, 2002.  Interest is based on the bank's prime rate or LIBOR, at the
   Company's option.  At September 30, 1996, there were $9,820 in borrowings
   outstanding under the revolving credit facility, substantially all of which
   were at LIBOR-based rates of 6.91%.  Prime-based rates were 8.50%.

       With regard to the 10.75% senior secured notes, the Company is required
   to make four annual sinking fund payments of $22,000 each, commencing April
   1, 1997 and continuing through April 1, 2000, and a final principal payment
   of $22,000 is due April 1, 2001.  The first sinking fund payment will be
   reduced by an amount equal to any early repurchases made before the payment
   date ($5,300 at June 30, 1996).  Interest on the notes is payable
   semiannually on April 1 and October 1.

       During the second quarter of 1996, tax-exempt industrial development
   revenue bonds of $5,100 were issued on behalf of the Company to finance
   equipment purchases in conjunction with the opening of a new manufacturing
   facility.  Under a capital lease arrangement, principal and interest at 5.80%
   is payable monthly through April 2002.

       Working capital decreased $13,515 during the first nine months of 1996,
   from $244 at December 31, 1995 to a negative $13,271 at September 30, 1996.
   The decrease is due to the classification of the first sinking fund payment
   of $16,700 on April 1, 1997 as a current liability.  Excluding the effect of
   the sinking fund payment classification, working capital increased $3,185
   during the first nine months of 1996.  This increase was due primarily to a
   reduction in the level of short-term borrowings by $7,198, offset by the
   accrual for the plant rationalization and realignment charge and other
   accrued expenses.  Management expects that the Company's working capital
   position will improve during the balance of 1996.

                                       12
<PAGE>
 
       The Company is currently engaged in a plan to refinance its debt,
   including a tender offer to purchase the 10.75% senior secured notes from
   existing holders and a new offering of senior secured notes. Upon completion
   of the tender offer and the redemption of the 10.75% senior secured notes, it
   is estimated that the Company will incur an extraordinary charge from debt
   extinguishment of approximately $7,000. This includes a purchase premium and
   the write-off of unamortized fees relating to the 10.75% senior secured
   notes. Management expects the Company to complete the refinancing in the
   fourth quarter of 1996. Upon consummation of the refinancing, Management
   anticipates that the Company will have approximately $30 million of undrawn
   availability under the revolving credit facility.

       Management believes the funding expected to be generated from operations
   and provided by existing credit facilities and the refinancing will be
   sufficient to meet working capital and capital investment needs for the
   balance of 1996.
 

                                       13
<PAGE>
 
                                    PART II

                               OTHER INFORMATION


   ITEM 6.   EXHIBITS AND REPORTS ON FORM 8-K
   ------------------------------------------

   (a)  Exhibits

         (27) Financial Data Schedule, Page 15

   (b)  Reports on Form 8-K

         No reports on Form 8-K were filed during the quarter ended September
       30, 1996.


       
                                   SIGNATURE
                                   ---------

   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 authorized.


                                    PLASTIC CONTAINERS, INC.



 
                                    By:   /s/  Abdo Yazgi
                                       --------------------------

 
                                    Abdo Yazgi
                                    Principal Financial and
                                    Accounting Officer on behalf
                                    of the registrant


   Dated this 30th day of October, 1996.

                                       14