Transactons that Reduce Debt AIG Owes Federal Reserve Bank of New York by $25 Billion
New York – December 1, 2009 – LawFuel.com – Debevoise & Plimpton LLP is advising American International Group, Inc. (AIG) and American International Assurance Company, Limited (AIA) in the closing of previously announced transactions with the Federal Reserve Bank of New York (FRBNY) that have reduced the debt AIG owes the FRBNY by $25 billion in exchange for the FRBNY’s acquisition of preferred equity interests in certain newly formed subsidiaries.
These transactions advance AIG’s goal of positioning two of the company’s leading international life insurance franchises, AIA and American Life Insurance Company (ALICO), for initial public offerings or third party sale, depending on market conditions and subject to customary regulatory approvals, as previously announced.
AIG, a world leader in insurance and financial services, is the leading international insurance organization with operations in more than 130 countries and jurisdictions. AIA is a leading pan-Asian life insurance organization that traces its roots in the Asia Pacific region back more than 90 years.
Debevoise & Plimpton LLP is a leading international law firm with offices in New York, Washington D.C., London, Paris, Frankfurt, Moscow, Hong Kong and Shanghai.
The Debevoise teams in New York and Hong Kong were led by partners John M. Vasily, Thomas M. Britt III and Drew Dutton, and associate Vivian M. Blanco.