AIG ....PAIN IS YET NOT OVER......

by pankaj kumar | October 3, 2008 at 04:47 am

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AIG still loking in trouble now they are looking to sale theis business which is not related with core business.It looks liquidity is the main problem with them.They are exploring the opportunity to unwind their non core oversease operation to get more cash,

American International Group said Friday it plans to refocus its business on its core property and casualty insurance businesses, and look to sell its other remaining assets.

Under this plan, AIG expects it will emerge as a smaller, but profitable company capable of generating sufficient liquidity to repay the outstanding balance of its loan from the Federal Reserve Bank of New York and address its capital structure.
AIG had drawn $61 billion on the Fed credit facility as of September 30, 2008.
AIG plans to retain its U.S. property and casualty and foreign general insurance businesses, and to retain a continuing ownership interest in its foreign life insurance operations.The worldwide property and casualty businesses generated about $40 billion in revenue last year.

“To realize our objective, we will sell a number of extraordinary businesses that are proving to be highly attractive to buyers,” said Chairman and Chief Executive Edward Liddy, in a press release.
AIG said it has already been contacted by a number of "strong, stable" parties