Market Overview

Brookfield Terminates Swap Deal with AIG

Related BAM
Top 4 Stocks In The Real Estate Development Industry With The Highest Revenue
#PreMarket Primer: Monday, August 11: Negotiations To End The War In Gaza Continue Amid Fragile Ceasefire Extension
Opinion: Foreign Investment in U.S. Real Estate Widely Under-Reported (Fox Business)
Related AIG
After-Hours Management Shake Ups At Oracle, AIG, JetBlue, and Clorox
AIG Will Form New Operating Committee, Leadership Structure
Jettisoned from Wall Street, Cohen Plots Comeback Bid (Fox Business)

Brookfield Asset Management Inc. ("Brookfield") (NYSE: BAM) announced today that it has reached agreement with American Insurance Group, Inc. (NYSE: AIG) to terminate two related 25-year interest rate swap agreements executed in 1990 between Brookfield and AIG. As consideration for terminating the Swap Agreement, Brookfield agreed to pay a single lump sum payment of US$905 million to AIG. The Swap Agreement, which was accounted for in Brookfield's financial statements as at June 30, 2013 as an approximate $1.4 billion liability, was subject to litigation that had been pending in the United States District Court for the Southern District of New York and will be dismissed in conjunction with the consensual termination of the Swap Agreement.

Posted-In: News

 

Related Articles (AIG + BAM)

Around the Web, We're Loving...

Partner Network

Get Benzinga's Newsletters