After Lehman, AIG looks at liquidating assets
Tremors haven't receeded after the Lehman shake-out. Now AIG is pursuing a three-part plan to raise $40 bn in liquidity. Stock picking in turbulent markets
By Agencies |
In a bid to garner $50 billion in liquidity, American International Group Inc., is making last desperate moves to avoid being downgraded by rating agencies when the markets open today. The insurer is already working on a re-structure plan that is expected to be disclosed later today.
It is pursuing a three-part plan to raise $40 billion in liquidity. Among other things, it may pursue immediate sale of airplane leasing business.
According to media reports, AIG is also in talks with Warren Buffett.
Executives of insurer American International Group Inc met top New York state officials including Governor David Paterson and insurance and banking regulators over the weekend seeking permission to liquidate assets to raise cash, a media report said on Monday.
These assets include Manhattan real estate, the report said, citing unidentified sources.
AIG on Sunday approached the Federal Reserve seeking $40 billion in short-term financing, to avoid rating downgrades and bolster the capital of its holding company, according to the New York Times.
The company could hold an investor call on Monday, the Wall Street Journal said on Friday.
It is pursuing a three-part plan to raise $40 billion in liquidity. Among other things, it may pursue immediate sale of airplane leasing business.
According to media reports, AIG is also in talks with Warren Buffett.
Executives of insurer American International Group Inc met top New York state officials including Governor David Paterson and insurance and banking regulators over the weekend seeking permission to liquidate assets to raise cash, a media report said on Monday.
These assets include Manhattan real estate, the report said, citing unidentified sources.
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AIG on Sunday approached the Federal Reserve seeking $40 billion in short-term financing, to avoid rating downgrades and bolster the capital of its holding company, according to the New York Times.
The company could hold an investor call on Monday, the Wall Street Journal said on Friday.
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