AIG to Sell Some Businesses

Insurance

Joseph Woelfel

10/03/08 - 07:50 AM EDT

American International Group (AIG Quote) Friday said it plans to sell a certain number of businesses while retaining its U.S. property and casualty and foreign general insurance businesses.

The insurer also said its "actively at work" on a number of alternatives for its financial products business and its securities lending program.

"To realize our objective, we will sell a number of extraordinary businesses that are proving to be highly attractive to buyers," said AIG Chairman and CEO Edward Liddy in a statement. The company said a number of suitors interested in these businesses have already made contact.

AIG last month received an $85 billion loan from the Federal Reserve aimed at keeping the insurer out of bankruptcy. AIG on Friday said it has drawn $61 billion on the credit facility as of Sept. 30.

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