AIG sells 90 pct of plane leasing unit for $5.28B


NEW YORK (AP) — American International Group Inc. says it will sell up to 90 percent of its airplane leasing unit International Lease Finance Corp. to an investor group led by Weng Xianding, chairman of New China Trust Co. Ltd., for approximately $5.28 billion.

The investor group, which includes New China Trust, China Aviation Industrial Fund and P3 Investments Ltd., will acquire 80.1 percent of ILFC for approximately $4.23 billion, with an option for an additional 9.9 percent stake. AIG will keep at least 10 percent of the company.

ILFC will remain based in Los Angeles. The agreement needs approval from U.S. and Chinese regulatory authorities.


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New York-based AIG has been selling off subsidiaries to raise money to pay back its $182 billion bailout from the government during the economic meltdown.

© 2012 The Associated Press. All rights reserved.

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AIG sells 90 pct of plane leasing unit for $5.28B


NEW YORK (AP) — American International Group Inc. says it will sell up to 90 percent of its airplane leasing unit International Lease Finance Corp. to an investor group led by Weng Xianding, chairman of New China Trust Co. Ltd., for approximately $5.28 billion.

The investor group, which includes New China Trust, China Aviation Industrial Fund and P3 Investments Ltd., will acquire 80.1 percent of ILFC for approximately $4.23 billion, with an option for an additional 9.9 percent stake. AIG will keep at least 10 percent of the company.

ILFC will remain based in Los Angeles. The agreement needs approval from U.S. and Chinese regulatory authorities.


advertisement

New York-based AIG has been selling off subsidiaries to raise money to pay back its $182 billion bailout from the government during the economic meltdown.

© 2012 The Associated Press. All rights reserved.

More articles filed under Business News

Leave a Comment

Please use the comment box below for general comments, but if you feel we have made a mistake, typo, or egregious error, let us know about it. Click here to "call us out." We're happy to listen to your concerns.


AIG sells 90 pct of plane leasing unit for $5.28B


NEW YORK (AP) — American International Group Inc. says it will sell up to 90 percent of its airplane leasing unit International Lease Finance Corp. to an investor group led by Weng Xianding, chairman of New China Trust Co. Ltd., for approximately $5.28 billion.

The investor group, which includes New China Trust, China Aviation Industrial Fund and P3 Investments Ltd., will acquire 80.1 percent of ILFC for approximately $4.23 billion, with an option for an additional 9.9 percent stake. AIG will keep at least 10 percent of the company.

ILFC will remain based in Los Angeles. The agreement needs approval from U.S. and Chinese regulatory authorities.


advertisement

New York-based AIG has been selling off subsidiaries to raise money to pay back its $182 billion bailout from the government during the economic meltdown.

© 2012 The Associated Press. All rights reserved.

More articles filed under Business News

Leave a Comment

Please use the comment box below for general comments, but if you feel we have made a mistake, typo, or egregious error, let us know about it. Click here to "call us out." We're happy to listen to your concerns.