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Wednesday, December 31, 2008 9:30:42 AM
Wednesday December 31, 8:29 am ET
FT reports insurer AIG will seek easing of $60 billion loan rules
CHARLOTTE, N.C. (AP) -- American International Group Inc. is preparing to ask the Federal Reserve to relax rules on how bidders pay for assets as it tries to repay a $60 billion loan, according to a report in the Financial Times Wednesday.
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The New York-based insurer wants to boost competition for the assets by allowing bidders to pay using a greater portion of shares, or through installments, the newspaper reported, citing people close to the situation.
Under the current plan, AIG can only sell assets to bidders paying at least 90 percent of the price in cash.
An AIG spokesman could not be reached for immediate comment.
AIG, once the world's largest insurer, is in the process of liquidating assets to repay the loan, which is part of a $150 billion bailout from the federal government.
The flexible options would make it easier for potential buyers to bid for the company's assets, as well as counter the perception that AIG will be forced to sell units at bargain prices to repay the government loan, the report added.
Last month, the U.S. government gave AIG a $150 billion rescue package to help the company pull through the credit crisis. That package replaced an earlier loan of $85 billion after it became apparent the insurer needed more funds.
AIG said in October it would sell off a number of business units to repay the original $85 billion government loan.
The company has not specifically disclosed the assets it would sell or the expected prices from the sales. However, AIG has said it plans to retain its U.S. property and casualty and foreign general insurance businesses, and plans to retain an ownership interest in its foreign life insurance operations.
As of Dec. 22, AIG had already sold interests in four businesses, and earlier in the month was said to be in the final stages of selling its U.S. personal lines business and one other operation.
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