American Banknote Corporation Receives Confirmation of Its Chapter 11 Plan of Reorganization and Announces Appointment of Steven G. Singer as Chairman and CEO.Business Editors NEW YORK--(BUSINESS WIRE)--Dec. 8, 2000 American Banknote Corporation ("ABN") announced that on November 3, 2000 the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. Bankruptcy Court bankruptcy court n. the specialized Federal court in which bankruptcy matters under the Federal Bankruptcy Act are conducted. There are several bankruptcy courts in each state, and each one's territory covers several counties. for the Southern District of New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of entered an order confirming ABN's Chapter 11 reorganization plan A scheme authorized by federal law and promulgated by the president whereby he or she alters the structure of federal agencies to promote government efficiency and economy through a transfer, consolidation, coordination, authorization, or abolition of functions. (the "Plan"). Confirmation of the Plan will allow ABN to restructure its debt and recapitalize re·cap·i·tal·ize tr.v. re·cap·i·tal·ized, re·cap·i·tal·iz·ing, re·cap·i·tal·iz·es To change the capital structure of (a corporation). re·cap 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 (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. 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. |
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