AIG, the stricken US insurer, is considering selling more than 15 businesses, including its aircraft leasing unit, a stake in a large US reinsurer and billions of dollars in properties in an effort to repay a $85bn government loan and secure its future as an independent company.
The board of AIG, which was de facto nationalised this month when the US administration stepped in with an emergency loan, was meeting in New York on Sunday night to discuss a radical plan for asset disposals. People close to the situation said AIG , led by its new chief executive Edward Liddy, wanted crucial businesses such as its international life insurance unit and its US pension businesses to be at the core of the “new AIG”. But apart from those, AIG was prepared to consider selling most other operations.
AIG and its advisers, led by Blackstone and JPMorgan, are believed to have drawn up a list of about 15-20 large businesses that could be sold. AIG has to move fast because it has short window to repay the emergency governemt aid .
The governemtn extended the loan , gives itright to buy a majority stake in the company , after AIG collapsed under the weight of billions of dollars in credit related losses .
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