1

================================================================================


                       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: September 24, 1997 (September 15, 1997)
                            ---------------------------------------

                         Commission file number 1-11803
                                                -------

                          AMERICAN PAD & PAPER COMPANY
             (Exact name of registrant as specified in its charter)

              Delaware                                       04-3164298
   (State or other jurisdiction of                      (I.R.S. Employer
   incorporation or organization)                       Identification No.)

17304 Preston Road, Suite 700, Dallas, TX                     75252-5613
(Address of principal executive offices)                      (Zip Code)

       Registrant's telephone number, including area code: (972) 733-6200


                        Commission file number 333-3006
                                               --------

                 AMERICAN PAD & PAPER COMPANY OF DELAWARE, INC.
             (Exact name of registrant as specified in its charter)

       Delaware                                               25-1512956
   (State or other jurisdiction of                         (I.R.S. Employer
    incorporation or organization)                        Identification No.)

17304 Preston Road, Suite 700, Dallas, TX                     75252-5613
(Address of principal executive offices)                      (Zip Code)

       Registrant's telephone number, including area code: (972) 733-6200


================================================================================



   2

Item 5.  Other Events.

     On September 15, 1997, American Pad & Paper Company (the "Company") issued
a press release stating that it expects to report significantly lower than
expected revenues and earnings for the third and fourth quarters of 1997. That
press release is incorporated herein as Exhibit 99.1.



Item 7. Exhibits
         
99.1     Press release by the Company dated September 15, 1997



                                   SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrants have duly caused this report to be signed on their behalf by the
undersigned hereunto duly authorized.

American Pad & Paper Company 
American Pad & Paper Company of Delaware, Inc.


/s/ William W. Solomon, Jr.                     September 24, 1997
- --------------------------------------          ----------------------------
William W. Solomon, Jr.                         Date          
Chief Accounting Officer


   3



Exhibit        
Number              Index to Exhibits
- -------             -----------------
                    Description
                 
99.1                Press release by the company dated September 15, 1997