American International Group Inc.’s board will meet later Wednesday to discuss a plan that would allow the U.S. Treasury to exit its investment in the bailed-out insurer, AIG Chairman Steve Miller said.
Miller said that AIG was nearing a conclusion that could be a “win-win” deal for stakeholders.
The exit plan includes converting the Treasury’s $49 billion preferred stake in AIG to common stock, Miller said at an industry conference in New York.
Separately, CNBC reported that AIG’s board would finalize the exit plan Wednesday and could announce the plan Thursday, citing senior government officials.
The exit plan would chart the eventual disengagement of the government from AIG, which was propped up by a $182.3 billion taxpayer-funded aid package during the financial crisis.
(Reporting by Paritosh Bansal. Editing by Robert MacMillan)
Was this article valuable?
Here are more articles you may enjoy.
US P/C Rebounds to Post Q1 Underwriting Gain; Net Income Doubles 
‘Ghost Broker’ Who Procured 1,120 Policies Through Fraud Arrested 
Florida’s Unemployment Rate Is Surging Even as High-Profile Companies Move In 
Need Wind Mitigation? New Florida Insurer Wants to Help With That 
