AIG to sell assets to pay government loan

Calcutta News.Net
Sunday 5th October, 2008

American International Group, one of the world’s largest insurance companies, has said it will sell off a number of business units to pay off a massive government loan.

On the brink of failure last month, AIG was bailed out when the government offered it an $85 billion loan.

In return for the loan, the government received warrants to purchase up to 79.9 percent of AIG.

AIG has not disclosed which assets it will sell, but it has already told investors that it plans to retain its US property and casualty and foreign general insurance businesses, and will retain an ownership interest in its foreign life insurance operations.

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