If I remember correctly, the A/T remains active. It's been a few years since I flew the 767, but if you select an altitude lower than the current one and select the engine out prompt in the FMC the rest is taken care of. The TMSP changes to CON, the thrust advances on the live engine and the commanded speed reduces back to vref 80. It then remains in pretty much level flight until the speed has reduced to vref 80 and then starts descending at the commanded speed. At some point, you should disconnect the A/T.
I think this was the simplest way of handling an engine failure in cruise scenario. That's why I can still remember it 5 years later. Can"t say the same for the Airbus.....