The E-Sylum:  Volume 8, Number 4, January 23, 2005, Article 10

AMERICAN BANKNOTE FILES CHAPTER 22

In business news from NorthJersey.com, the
venerable American Bank Note Corp. has filed
for Chapter 11 bankruptcy a second time:

"American Banknote Corp., which makes checks and
money orders, sought bankruptcy protection, the second
such filing for the company in the past five years, in the
face of bond payments due at month's end."

"American Banknote's chief financial officer, Patrick Gentile,
said in court papers that the company has been facing losses
in part due to reduced demand in the United States for paper
documents and "has been unable to generate sufficient cash
flow" to pay its bond debt.

The company filed an earlier Chapter 11 bankruptcy petition
in December 1999 in New York State, eventually wiping
out more than $100 million in debt in exchange for new
notes and stock. American Banknote completed its first
reorganization in October 2002."

"American Banknote says it traces its history to 1795 an
Paul Revere as an early printer of U.S. currency."

"Shares of the Englewood Cliffs-based company fell 5 cents
to 13 cents in over-the-counter trading today in New York."

To read the full article (registration required): Full Story

  Wayne Homren, Editor

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