AIG puts headquarters on the block to repay loans

[OhioChick]

Source: Economic Times India

4 Jun 2009, 0027 hrs IST, AGENCIES

CHARLOTTE: The embattled insurer American International Group (AIG) is selling its headquarters building in New York and a nearby building in a deal expected to close at the end of this summer, a person familiar with the matter said on Wednesday.

But the person said that AIG is not disclosing the price or who the buyer is. The person asked for anonymity because the sale has not been made public yet.

The building sales are the latest move by AIG, which has received $182.5 billion in financial support from the government since September, to shed assets to repay the loan package. The buildings are at 70 Pine Street and the adjacent 72 Wall Street in lower Manhattan. The person said AIG employees will remain in its headquarters through 2010, and in the Wall Street building through the end of this year. The New York-based company is developing a relocation plan, the person said.

AIG is selling assets and spinning off some subsidiaries as it looks to raise new cash to repay government loans while becoming a smaller, more-efficient company. As part of the loan package, the government has also taken a roughly 80 percent stake in the huge insurance company.


Read more: http://economictimes.indiatimes.com/International-Business/AIG-puts-headquarters-on-the-block/articleshow/4614519.cms

[Captain Hilts]

1. They should sell their stake in ManU.

[pinniped]

2. The US could buy it and sell it back to them, getting paid with funds given....

to them in the first place.