American International Group, Inc. (AIG) Bondholders Gain $3.2 Billion
By Benzinga Staff
March 10, 2010 9:38 AM
March 10, 2010 9:38 AM
Bloomberg reports that bondholders of troubled insurer American International Group, Inc. (NYSE: AIG) gained at least $3.2 billion after the announcement of deals by the insurer to sell its two largest non-U.S. life insurance units for $51 billion.
AIG bonds have reached an 18-month high since February 26, the day after AIG announced the sale of the first of the two units. According to Bank of America Merrill Lynch index, New York- based AIG’s debt has been the best performer this month.
The insurer has announced the sale of its Asian life insurance unit, AIA Group Ltd., to Prudential Plc for $35.5 billion, and the sale of Alico to MetLife, Inc. (NYSE: MET) for $15.5 billion.
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