The recently discovered structural phase transition in polymerized KC 60 at about 50 K leads to a doubling of the unit cell volume and is accompanied by a metal -insulator transition. Here, we show that the (ã a þc c,b b,ã a Àc c) superstructure results from orientational charge density waves along the polymer chains and correlated displacements of the K þ ions. The presented model can also account for the metal -insulator transition. The effect is specific for the space group Pmnn of KC 60 and is 243 ORDER REPRINTS absent in both Rb-and CsC 60 (space group I2/m), in agreement with the present experimental knowledge of these compounds.