18th September 2008, 04:15 PM
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Member
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Join Date: Mar 2008
Location: Auckland
Posts: 405
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From Airwise News
Quote:
September 17, 2008
The chairman of American International Group's profitable aircraft leasing arm is expected to lead an effort to buy back the unit, the Wall Street Journal said on Wednesday, citing people familiar with the situation.
Steven Udvar-Hazy, chairman of International Lease Finance Corporation (ILFC), and other ILFC officials have been in round-the-clock discussions with potential investors since late on Sunday, the Journal said.
The talks involved many options ranging from an outright purchase to the potential buying the bulk of the leasing company's assets, the newspaper said.
Udvar-Hazy and other senior executives at ILFC have concluded that it would be virtually impossible for the leasing company to remain competitive as long as it is part of AIG, the newspaper said.
ILFC officials have not approached AIG with any proposals, in part because it was not clear what AIG's fate would be, the Journal said.
US authorities on Tuesday put together an emergency USD$85 billion rescue of AIG to stave off a possible bankruptcy.
The government would require the insurance company to dispose of some "non-core" assets, such as ILFC, the Journal said.
(Reuters)
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