AIG raises $37bn to repay bailout
Tuesday 02 November 2010
The bailed-out insurance giant AIG has moved closer to the goal of paying off its debts after raising nearly $37bn in recent days.
The company, which was rescued by the US government at height of the financial crisis in late 2008, raised $20.5bn by floating AIA, its Asian life business, which was listed in Hong Kong at the end of last month. It raised another $16.2bn yesterday after closing the sale of Alico, its global life unit, to MetLife.
The money will be used to make bailout-related payments, including repaying a Federal Reserve Bank of New York credit facility.
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