American Banknote Company Bankrupt

ENGLEWOOD CLIFFS - American Banknote Corp., which makes checks and
money orders, has sought bankruptcy protection in the face of bond
payments due at month's end.

The company listed $113 million in assets and $115.9 million in
debts in papers filed today in U.S. Bankruptcy Court in Wilmington,
Del.

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.

Among the company's current bond debt, according to Bloomberg data,
are $56.5 million in 10.375 percent callable notes due Jan. 31.

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

Chief Executive Officer Steven G. Singer didn't immediately return a
call seeking further comment on the bankruptcy.


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