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AMERICAN BANKNOTE CORPORATION
410 PARK AVENUE
NEW YORK, NEW YORK 10022-4407
Contact: Patrick J. Gentile
Senior-Vice President-Finance
(212) 593-5700 ext. 12 FOR IMMEDIATE RELEASE
AMERICAN BANKNOTE CORPORATION
RECEIVES CONFIRMATION OF ITS CHAPTER 11 PLAN OF REORGANIZATION
AND ANNOUNCES APPOINTMENT OF STEVEN G. SINGER AS CHAIRMAN AND CEO
New York, December 8, 2000 - American Banknote Corporation ("ABN") announced
that on November 3, 2000 the United States Bankruptcy Court for the Southern
District of New York entered an order confirming ABN's Chapter 11 reorganization
plan (the "Plan").
Confirmation of the Plan will allow ABN to restructure its debt and recapitalize
its balance sheet by converting approximately $95 million of its debt into
approximately 90% of the common equity of the reorganized company. As a result
of this restructuring, ABN believes that it will have the resources it needs to
pursue its future business strategies and enhance its prospects for success.
Consummation of the Plan is presently scheduled for January 17, 2001 subject to
certain conditions precedent which include the resolution of pending securities
actions and investigations by the Securities and Exchange Commission and the
United States Attorney's office. Such conditions may be waived by ABN only with
the consent of the representatives of the holders of ABN's debt and equity.
In a related move, the Board of Directors has appointed Steven G. Singer as
Chairman and CEO effective as of November 21, 2000. C. Gerald Goldsmith, the
former Chairman, is now Chairman Emeritus of the Board of Directors.
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.
