So American International Group Inc. has used
$90.3 billion of a $123 billion U.S. government credit line since agreeing to the bailout deal in late September. The struggling insurer is being battered in the stock market and may even need more than the credit that is now available if it doesn't start selling some of its assets soon. But don't fret, rumor has it that many of those asset sales could start being announced soon. Here's the latest round up of reports on AIG's asset sales.
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Metrobank Group has announced its intention to take over AIG's Asian assets Philippine American
Life and General Insurance Company (Philamlife), according to
BusinessWeek.
Metrobank may have some competition for those assets as Britain's Prudential plc could be
eying some of the same business (as well as some
U.S. assets), according to CNBC.
Meanwhile, Hellman & Freidman LLC and Bain Capital LLC are reportedly looking at AIG's private equity assets,
according to peHUB.
Vermont residents are concerned over the future of AIG's Stowe Mountain Resort. The resort
is halfway through a $400
million renovation that began a decade ago. Possible bidders include Intrawest and Maurice "Hank" Greenberg, according to a
Bloomberg report.
No one may have stepped forward for AIG's aircraft-leasing subsidiary, International Lease Finance Corp. (even though founder Steven Udvar-Hazy is rumored to be a bidder), but AIG's new CEO
Edward Liddy offered
his resignation from Boeing Co.'s board of directors based on his concerns over potential conflicts of interest, according to an Associated Press report.
AIG's investments are also feeling the heat. The effects of AIG's collapse are being felt by many cities across the U.S. The collapse of the insurer will affect 31 transit agencies including those in Los Angeles, San Francisco,
Chicago, Atlanta, Philadelphia, San Diego, Washington and New
Jersey. AIG had been helping these transit agencies finance deals on buildings, buses, trains and renovations, according to
USA Today.
- Maria Woehr
