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A.I.G. to Repay Fed $3.9 Billion of Bailout Loan
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| Contributor | ArmyDem |
| Last Edited | ArmyDem Aug 24, 2010 12:28pm |
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| Category | News |
| Media | Newspaper - New York Times |
| News Date | Monday, August 23, 2010 06:00:00 PM UTC0:0 |
| Description | By THE ASSOCIATED PRESS
Published: August 23, 2010
In its single biggest repayment of bailout loans so far, the American International Group said Monday that it was paying back more than $3.9 billion in taxpayer aid with proceeds from a recent debt sale.
The insurer’s aircraft leasing company, the International Lease Finance Corporation, completed the sale of $4.4 billion in debt. A.I.G. will use more than $3.9 billion of the proceeds to repay the Federal Reserve Bank of New York, trimming the balance on its credit line with the Fed to about $15 billion. Adding interest, the total is about $21 billion.
The emergency credit line was part of a $182 billion federal bailout package that A.I.G. received during the financial crisis to avoid collapse. A.I.G., which is based in New York, has been selling assets to pay back the aid.
As of June 30, excluding the new payment, A.I.G. said its outstanding balance owed to the government stood at about $101 billion. The total includes debt as well as preferred shares of stock in A.I.G. held by the Treasury Department. |
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