AIG Moves Closer To Bailout Exit With $4.3 Billion Credit Facility Led By J.P. Morgan - Interview With Chairman
Video - AIG Chairman Steve Miller with Margaret Brennan
Miller is confident AIG can pay back Treasury in full.
---
Source - Bloomberg
American International Group Inc., the insurer bailed out by the U.S., garnered $4.3 billion in bank credit lines in another step toward repaying taxpayers and gaining independence.
The credit, provided by more than 30 banks and administered by JPMorgan Chase & Co., includes two $1.5 billion facilities, one for three years and the other for 364 days, AIG said today in a regulatory filing. AIG’s property-casualty division Chartis Inc. got $1.3 billion, the insurer said. The firm rose $5.05, or 9.3 percent, to $59.38 at 4:15 p.m. New York Stock Exchange composite trading.
AIG, which is seeking to replace government funds with private capital, said Dec. 8 that it struck a deal to repay a $20 billion Federal Reserve Bank of New York credit line and would then turn to stock sales to repay the U.S. Treasury Department.
Jan 12, 2011 at 4:29 PM
Reader Comments (6)
http://www.marketwatch.com/story/ireland-to-inject-49-billion-into-aib-2010-12-23
http://www.praguepost.com/news/6928-swiss-approve-extradition-of-fugitive-businessman.html
http://www.marketwatch.com/story/white-house-weighing-corporate-tax-cuts-geithner-2011-01-12
http://www.reuters.com/article/idUSTRE70B73020110113
[snip]
JPMorgan Chief Executive Jamie Dimon was among the executives attending the meeting. Dimon entered the building of law firm Davis Polk & Wardwell LLP just after 1430 GMT in New York. He declined to comment.
Morgan Stanley CEO James Gorman left the building shortly after Dimon's arrival. The bankers on Gorman's team were carrying thick blue folders adorned with the U.S. flag. One of Gorman's colleagues carried a bag full of folders.
Gorman also declined comment.