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    AIG to repay U.S. government after asset sale

    AFP
    03.10.2008 - 16:10 | Son Güncelleme:

    Embattled insurance giant AIG announced plans Friday to pay off its 61-billion-dollar loan from the U.S. Federal Reserve by selling non-core assets.

    The move would end a controversial U.S. government bailout of the company, one of the worlds biggest insurers, which had been on the brink of a collapse that some feared could have sent more shock waves through the financial system.

    The U.S. Federal Reserve last month agreed to a loan of up to 85 billion dollars to stave off collapse at AIG, or American International Group. The deal sealed last month gave the U.S. government a 79.9 percent stake in the insurance behemoth.

    "AIG plans to retain its U.S. property and casualty and foreign general insurance businesses, and to retain a continuing ownership interest in its foreign life insurance operations," the company said in a statement.

    The Blackstone Group and JP Morgan will be AIG’s global coordinators for the divestiture program, AIG said, adding that its "property and casualty businesses generated approximately $40 billion in revenues in 2007.

    "The company is exploring divestiture opportunities for its remaining high-quality businesses and assets," AIG said a statement without elaborating.

    AIG chairman and chief executive Edward Liddy said: "We are refocusing on our traditional strengths in property and casualty underwriting.

    "We have a number of remarkable businesses with leading market positions and significant competitive advantages that could not be recreated today."

    Libby said AIG had "already been contacted by numerous strong, stable parties, and we expect that buyers will recognize the value of these properties."

    He added, "Our goal is to emerge from this process as a smaller but more nimble company that is solidly profitable and has good long-term growth prospects."

     

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