AIG, the insurance group bailed out by the US government in 2008, has raised almost $37bn by selling its Alico life insurance subsidiary and floating its AIA unit in Asia.
Robert Benmosche, chief executive, celebrated a “major milestone in our commitment to repay the American taxpayers” as the company said it would use the proceeds to repay a credit facility held with the Federal Reserve Bank of New York.
Still to come in the restructuring is the conversion of the US Treasury’s preferred shares in AIG into common stock, which will see it take 92.1 per cent of the group’s equity. At Monday’s share price of $41.98, the stake would be valued at $69.7bn, giving the government a paper profit on its investment.
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