FORM 3
U.S. SECURITIES AND EXCHANGE COMMISSION _____________________
WASHINGTON, D.C. 20549 | OMB APPROVAL |
INITIAL STATEMENT OF |_____________________|
BENEFICIAL OWNERSHIP OF SECURITIES |OMB NUMBER: 3235-0104|
|EXPIRES: |
| SEPTEMBER 30, 1998 |
Filed pursuant to Section 16(a) of the |ESTIMATED AVERAGE |
Securities Exchange Act of 1934, |BURDEN HOURS |
Section 17(a) of the Public Utility |PER RESPONSE 0.5 |
Holding Company Act of 1935 |_____________________|
or Section 30(f) of the Investment
Company Act of 1940
1. Name and Address of Reporting Person
Bayly George V.
(Last) (First) (Middle)
100 Tri-State Drive, Suite 200
(Street)
Lincolnshire IL 60069
(City) (State) (Zip)
2. Date of Event Requiring Statement (Month/Day/Year)
9/30/97
3. IRS OR SOCIAL SECURITY NUMBER OF REPORTING PERSON (VOLUNTARY)
4. Issuer Name and Ticker or Trading Symbol
Ivex Packaging Corporation/IXX
5. RELATIONSHIP OF REPORTING PERSON(S) TO ISSUER (CHECK ALL APPLICABLE)
(X ) DIRECTOR
( ) 10% OWNER
( ) OFFICER (GIVE TITLE BELOW)
( ) OTHER (SPECIFY TITLE BELOW)
6. IF AMENDMENT, DATE OF ORIGINAL (MONTH/DAY/YEAR)
9/30/97
7. INDIVIDUAL OR JOINT/GROUP FILING (CHECK APPLICABLE LINE)
X FORM FILED BY ONE REPORTING PERSON
FORM FILED BY MORE THAN ONE REPORTING PERSON
TABLE I - NON-DERIVATIVE SECURITIES BENEFICIALLY OWNED
____________________________________________________________________________
|1. TITLE OF |2. AMOUNT OF |3. OWNERSHIP |4. NATURE OF INDIRECT |
| SECURITY | SECURITIES | FORM DIRECT | BENEFICIAL OWNERSHIP|
| (INSTR. 4) | BENEFICIALLY| DIRECT (D) | (INSTR. 5) |
| | OWNED | OR INDIRECT | |
| | (INSTR. 4) | (I) (INSTR. 5)| |
|_________________|_______________|_________________|_______________________|
[TYPE ENTRIES HERE]
COMMON STOCK 824,974 D
TABLE II - DERIVATIVE SECURITIES BENEFICIALLY OWNED
(E.G., PUTS, CALLS, WARRANTS, OPTIONS, CONVERTIBLE SECURITIES)
1. Title of Derivative Security (Instr. 4)
1. Employee Stock Options (right to buy)
2. Stock Options (right to buy)
2. Date Exercisable and Expiration Date (Month/Day/Year)
1. (1) 1. 9/29/07
2. 9/30/97 2. 9/29/07
________________________ _____________________
Date Exercisable Expiration Date
3. Title and Amount of Securities Underlying Derivative Security
(Instr. 4)
1. Common Stock 1. 93,500
2. Common Stock 2. 324,356
________________________ __________________________
Title Amount of Number of Shares
4. Conversion or Exercise Price of Derivative Security
$16
5. Ownership Form of Derivative Security: Direct(D) or Indirect(I)
(Instr. 5)
D
6. Nature of Indirect Beneficial Ownership (Instr. 5)
EXPLANATION OF RESPONSES:
(1) These options vest on three equal annual installments
beginning on 9/29/98.
/s/ George V. Bayly 11/5/97
** SIGNATURE OF REPORTING PERSON DATE
** INTENTIONAL MISSTATEMENTS OR OMISSIONS OF FACTS CONSTITUTE FEDERAL
CRIMINAL VIOLATIONS.
SEE 18 U.S.C. 1001 AND 15 U.S.C. 78FF(A).
NOTE: FILE THREE COPIES OF THIS FORM, ONE OF WHICH MUST BE MANUALLY SIGNED.
IF SPACE PROVIDED IS INSUFFICIENT, SEE INSTRUCTION 6 FOR PROCEDURE
POTENTIAL PERSONS WHO ARE TO RESPOND TO THE COLLECTION OF INFORMATION
CONTAINED IN THIS FORM ARE NOR REQUIRED TO RESPOND UNLESS THE FORM DISPLAYS
A CURRENTLY VALID OMB NUMBER.
