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AIGMonday morning, embattled insurer American International Group (AIG) announced that it is repaying $4 billion in bailout loans to the government.

The loans will be repaid thanks to a recently completed $4.4 billion debt sale at International Lease Finance Corp. -- the company's aircraft leasing company. This payment should cut AIG's remaining balance with the Federal Reserve Bank of New York to $15 billion (or so).

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AIG Repaying $4 Billion to Government originally appeared on BloggingStocks on Mon, 23 Aug 2010 17:00:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>AIGAIG bailoutfederal loansfinancial crisisgovernment loansinthenewsloan paybackMon, 23 Aug 2010 17:00:00 EST<![CDATA[AIG will spin off units in order to reduce debt]]>http://www.bloggingstocks.com/2009/06/25/aig-will-spin-off-units-in-order-to-reduce-debt/http://www.bloggingstocks.com/2009/06/25/aig-will-spin-off-units-in-order-to-reduce-debt/http://www.bloggingstocks.com/2009/06/25/aig-will-spin-off-units-in-order-to-reduce-debt/#commentsFiled under: , ,

Earlier this morning, embattled insurer American International Group (NYSE: AIG) announced that it is going to reduce its outstanding federal loans by $25 billion by giving a preferred stake in two spin-off units to the government. The two subsidiaries, American International Assurance and American Life Insurance, will be spun off into "special purpose vehicles" ahead of initial public offerings. The Federal Reserve Bank of New York will receive interests in the special purpose vehicles (SPVs), both of which will eventually become independent companies after the IPOs are complete.

The $25 billion breaks down like this: the Fed will receive $16 billion in preferred assets in American International Assurance and $9 billion in American Life Insurance. Reportedly, the outstanding debt for AIG will be cut to $15 billion thanks to this move. AIG now has as much as $182.5 billion in funding available from the government, extending the original offer of $85 billion from back in September.

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AIG will spin off units in order to reduce debt originally appeared on BloggingStocks on Thu, 25 Jun 2009 11:40:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>AIGAmerican International AssuranceAmerican Life Insurancegovernment bailoutgovernment loansgovernment repaymentinthenewsipospin offsspvThu, 25 Jun 2009 11:40:00 EST