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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): June 30, 1999
AMERICAN BANKNOTE CORPORATION
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(Exact Name of Registrant as Specified in its Charter)
DELAWARE
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(State or Other Jurisdiction of Incorporation)
1-3410 13-0460520
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(Commission File Number) (I.R.S. Employer Identification No.)
410 PARK AVENUE, NEW YORK, N.Y. 10022-4407
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(Address of Principal Executive Office) (Zip Code)
(212) 593-5700
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(Registrant's Telephone Number, Including Area Code)
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(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 June 30, 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
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Patrick D. Reddy,
Vice President
Date: July 1, 1999
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EXHIBIT INDEX
Item No.
99.1 Press release of American Banknote Corporation dated June 30, 1999.
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Exhibit 99.1
American Banknote Corporation
410 Park Avenue
New York, NY 10022-4407
Contact: Jean Marie Young
Director Investor Relations
(212) 593-5700
FOR IMMEDIATE RELEASE
AMERICAN BANKNOTE CORPORATION ANNOUNCES
NONPAYMENT OF INTEREST ON 11 1/4% SENIOR SUBORDINATED NOTES
AND CONTINUING RESTRUCTURING DISCUSSIONS
NEW YORK, June 30, 1999 - In furtherance of its restructuring efforts,
American Banknote Corporation (NYSE:ABN ) announced today that it will
forego making the $5.3 million interest payment payable on June 30, 1999
(including the applicable 30-day grace period) on its 11 1/4% Senior
Subordinated Notes due 2007.
The Company's advisor, The Blackstone Group, has held discussions with an
informal committee of Subordinated Note holders, who hold more than 85%
of the Notes, on the terms of a consensual restructuring converting all
or a substantial portion of that debt to equity. However, there can be no
assurance that the Company will be able to reach any agreement with the
holders of these Notes.
Morris Weissman, Chairman and Chief Executive Officer of American
Banknote Corporation, commented, "These are important steps for the
Company and we are encouraged by the possibility that a consensual,
prearranged restructuring may be achieved in the very near future."
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 &
Document Management, and Security Printing Solutions. A combined strategy
of operating along product lines and constant expansion of transaction
activities worldwide reflects the rapidly changing field of electronic
commerce.
Statements regarding a future 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-look
statements are specified in the Company's filings under the Securities
Exchange Act of 1934, as amended, on file with the Securities and
Exchange Commission.
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