Skip to main content

NEW YORK (

TheStreet

) --

American International Group

(AIG) - Get American International Group, Inc. Report

is further dipping its hand into its bailout bucket, this time to the tune of a $2 billion credit for its aircraft leasing arm.

According to a Securities and Exchange filing, International Lease Finance entered into a new $2 billion credit agreement on Oct. 13 with flailing parent AIG so that it could pay back debt due last week. The loan is secured by $7.4 billion of aircraft.

ILFC already received $1.7 billion from AIG as it struggled to attain credit.

AIG called off its sale of ILFC this summer as the insurer was finding it difficult to find a buyer willing to take on the aircraft unit's massive $32 billion in debt.

ILFC, which owns more than 900 jets

TheStreet Recommends

and is the biggest customer of

Boeing

(BA) - Get Boeing Company Report

, is still a cash cow for AIG. In 2008 the company earned $703.1 million, a 16% increase from the year prior.

-- Reported by Jeanine Poggi in New York

Follow TheStreet.com on

Twitter

and become a fan on

Facebook.

Copyright 2009 TheStreet.com Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.