AMERICAN BANKNOTE CORP
8-K, 1999-11-02
COMMERCIAL PRINTING
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                       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 (Date of Earliest Event Reported): November 2, 1999



                          AMERICAN BANKNOTE CORPORATION
- ---------------------------------------------------------------------------
             (Exact Name of Registrant as Specified in its Charter)


                                    DELAWARE
- ---------------------------------------------------------------------------
                 (State or Other Jurisdiction of Incorporation)

       1-3410                                          13-0460520
- ------------------------------          -----------------------------------
 (Commission File Number)               (I.R.S. Employer Identification No.)

  410 PARK AVENUE, NEW YORK, N.Y.                     10022-4407
- ------------------------------------    -----------------------------------
 (Address of Principal Executive Office)               (Zip Code)

                               (212) 593-5700
- ---------------------------------------------------------------------------
            (Registrant's Telephone Number, Including Area Code)


- ----------------------------------------------------------------------------
       (Former Name or Former Address, if Changed Since Last Report)




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Item 5.   Other Events

     The information set forth in the press release issued by American
Banknote Corporation, attached hereto as Exhibit 99.1, is incorporated
herein by reference.


Item 7.   Financial Statements, Pro Forma Financial Statements and Exhibits

     (c)  Exhibits
     99.1 Press release of American Banknote Corporation dated
          November 2, 1999.


                                    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 hereunto duly authorized.

                                            AMERICAN BANKNOTE CORPORATION



                                            By:   s/Patrick D. Reddy
                                                -----------------------------
                                                Patrick D. Reddy,
                                                Vice President




Date: November 2, 1999












                                        2

                                    EXHIBIT INDEX


Item No.

99.1 Press release of American Banknote Corporation dated November 2, 1999.









































                                        3



                                                           Exhibit 99.1


                 American Banknote Corporation
                        410 Park Avenue
                 New York, New York 10022-4407



Contact:  Patrick J. Gentile
Senior Vice President - Finance
(212) 593-5700                                        FOR IMMEDIATE RELEASE


                      AMERICAN BANKNOTE CORPORATION
              REACHES PRELIMINARY AGREEMENT WITH NOTEHOLDERS


NEW YORK, November 2, 1999 - American Banknote Corporation announced today
that it had reached an agreement in principle on the terms of a financial
restructuring with the Informal Committee of the 11-1/4% Senior Subordinated
Noteholders who hold more than 85% of those notes; a holder of the Company's
Convertible Subordinated Notes who holds in excess of 95% of such notes; and
more than 55% of the holders of the 10-3/8% Senior Secured Notes.

The restructuring will result in the substantial deleveraging of the Company
by canceling, in its entirety, the existing $95 million (plus accrued
interest) of 11 1/4% Senior Subordinated Notes in exchange for approximately
10.5 million shares of new common stock and by cancelling, in its entirety,
the existing Convertible Subordinated Notes in exchange for approximately
220,000 shares of new common stock.  The 10 3/8% Senior Secured Notes will be
amended to allow the Company to make the next two interest payments
(December,1999 & June,2000) with additional notes in lieu of cash.  In
addition, the restructuring contemplates that existing shareholders will
receive approximately 900,000 shares of new common stock (subject to certain
possible adjustments) and 5 year warrants to purchase approximately 600,000
shares of new common stock in exchange for existing common stock outstanding.

Under the agreement in principle, (i) obligations on the Company's 11-5/8%
Senior Unsecured Notes will be paid as they become due (with past due interest
on completion of the restructuring); and (ii) trade obligations and ordinary
course payables will also be paid as they come due in accordance with
customary terms.  The restructuring does not affect any of the Company's
domestic and foreign subsidiaries nor any of their respective creditors or
employees.


<PAGE>
Page 2




"The Company is pleased that it was able to reach a mutually beneficial
arrangement with its Noteholders and intends to implement the restructuring
expeditiously" said Morris Weissman, Chief Executive Officer of American
Banknote Corporation.  Additionally, Weissman pointed out that "This
significant deleveraging will serve to strengthen the Company overall and give
it appropriate financial flexibility to implement its business strategy going
forward."

The agreement is subject to a number of conditions, including definitive
documentation.  This press release is not an offer with respect to any
securities or solicitation of acceptances of the restructuring.  Such offer or
solicitation will be made in compliance with all applicable laws.

American Banknote Corporation is a leading global full-service provider of
secure transaction solutions in carefully selected markets along three major
product groups: Transaction Cards & Systems, Printing Services and Document
Management, and Security Printing Solutions.  A combined strategy of operating
along product lines and constant expansion of its electronic transaction
activities worldwide reflects the rapidly changing field of commerce.


















Statements regarding the restructuring or about future results made in this
release may constitute forward-looking statements within the meaning of the
Private Securities Litigation Reform act of 1995.  These statements are based
on current expectations and the current economic environment.  The Company
cautions that these statements are not guarantees of future performance.  They
involve a number of risks and uncertainties that are difficult to predict.
Actual results could differ materially from those expressed or implied in the
forward-looking statements.  Important assumptions and other important factors
that could cause actual results to differ materially from those in the
forward-looking statements are specified in the Company's Annual Report on
Form 10-K and quarterly reports on Form 10-Q on file with the Securities and
Exchange Commission.



                              ####



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