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American Banknote Corp (51124) SEC Filing 8-K Material Event for the period ending Friday, April 8, 2005

American Banknote Corp

CIK: 51124

EX-99.1
2
abn_8kex99-1.txt



EXHIBIT 99.1


PRESS RELEASE:

                  American Banknote Corporation Recapitalizes;
                 Emerges from Bankruptcy Effectively Debt-Free

Apr 11 at 11:57

ENGLEWOOD CLIFFS, N.J.--(BUSINESS WIRE)--April 11, 2005--American Banknote
Corporation announced that its Plan of Reorganization ("Plan") had been
confirmed on Friday, April 8, 2005, by the United States Bankruptcy Court in
Delaware. The Company, which traces its founding to 1795 and American patriot
Paul Revere, is one of the world's leading suppliers of high-security documents,
services and systems. Under the terms of the reorganization, and based upon the
elections made by debt holders, American Banknote Corporation's debt will be
reduced to only about $1,000,000, down from over $108,000,000 previously. At the
same time, the Company raised an additional $16,000,000 of cash, in the form of
new private equity investments. As a consequence, the restructured Company is
expected to have approximately $120,000,000 of net equity value, on a pro forma
basis. The Company expects its interest expense to decrease 99%, from more than
$10,000,000 in 2004 to less than $100,000 per year on a prospective basis.
Through the reorganization, the former holders of ABN's 10 3/8% debentures will
own approximately 79% of the equity, the new private equity investors will own
approximately 19% of the equity, and the balance will be distributed to the
former equity holders. The Company will also cease to be publicly registered and
traded, and will operate as a private company. According to American Banknote's
Chairman and Chief Executive Officer, Steven Singer, "as ABN commemorates its
210th anniversary, we now have even greater cause to celebrate! Unlike previous
efforts to strengthen ABN's financial condition, this restructuring does not
merely represent a short-term improvement, but a genuine long-term 'fix' of our
capital structure." Adds Singer, "With virtually no debt, substantial cash, and
flourishing operating businesses, ABN finally has the resources once again to
invest in products, technologies, and/or strategic acquisitions - the kind of
investment upon which the Company has historically thrived."

EDITOR'S NOTE: American Banknote Corporation is a holding company, which
operates through its subsidiary companies. Its major subsidiaries are The
American Bank Note Company, based in Trevose, Pennsylvania, American Bank Note
Limitada, based in Rio de Janeiro, Brazil, CPS Technologies, based in Lyon,
France, and Transtex, based in Buenos Aires, Argentina. ABN is also the largest
minority investor in Leigh-Mardon, based in Melbourne, Australia.


CONTACT: American Banknote Corporation
David Kober, Tel: (201) 568-4400
Fax: (201) 568-4577
kober@americanbanknote.com

KEYWORD: NEW JERSEY Finance
INDUSTRY KEYWORD: BANKING
SOURCE: American Banknote Corporation
Copyright Business Wire 2005

(END) Dow Jones Newswires
04-11-05 1157ET

Company Symbols: ABNTQ
Subject Codes: I/ICS I/PNT I/SVC N/DJIN N/DJN N/DJWB N/CNW N/DJWI N/PRL
N/TPCT M/IDU M/NND M/TPX P/TAP R/NJ R/NME R/US R/USE


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Definitive Proxy Statement (Form DEF 14A)
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American Banknote Corp's Definitive Proxy Statement (Form DEF 14A) filed after their 2005 10-K Annual Report includes:

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CIK: 51124
Form Type: 8-K Corporate News
Accession Number: 0001019687-05-001025
Submitted to the SEC: Thu Apr 14 2005 3:25:43 PM EST
Accepted by the SEC: Thu Apr 14 2005
Period: Friday, April 8, 2005
Industry: Commercial Printing
Events:
  1. Bankruptcy or Receivership
  2. Financial Exhibit
  3. Regulated Disclosure

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