NEW YORK (
American International Group
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.
and is the biggest customer of
, 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
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