Dec 9 American International Group Inc
on Sunday said it would sell up to 90 percent of ILFC, the
aircraft leasing business that was its last major planned asset
Following is a timeline of key events in AIG's recent
Sept. 16: The government rescues AIG with an $85 billion
bailout, as the company was minutes from bankruptcy.
Sept. 17: The government removes Robert Willumstad as AIG's
chief executive and names former Allstate CEO Edward Liddy to
Oct. 8: AIG and the Fed reach a deal for another $37.8
billion in liquidity.
Nov. 10: AIG bailout is restructured to include the Troubled
Asset Relief Program (TARP) and the creation of the Maiden Lane
March 2: Bailout is restructured again to give the Fed
preferred interests in life insurers ALICO and AIA.
AIG posts a fourth-quarter loss of $61 billion.
May 21: Liddy says he will resign.
Aug. 10: Robert Benmosche, the former CEO of MetLife, takes
over as AIG's chief executive. He will ultimately get the lion's
share of the credit for turning the company around and
preventing a fire sale of its assets.
March 1: AIG reaches deal to sell AIA to Prudential for
$35.5 billion; the sale later falls apart.
March 8: AIG reaches deal to sell ALICO to MetLife for $15.5
billion; the deal closes later in the year.
Sept. 30: AIG, the Fed and the Treasury agree to a
complicated recapitalization deal to repay the Fed and
centralize the government's investment with the Treasury.
Oct. 22: AIG prices the public offering of a two-thirds
stake in AIA in Hong Kong, in one of the largest IPOs ever.
Jan. 12: AIG strikes a deal to sell its Taiwanese insurance
unit Nan Shan.
Jan. 14: The recapitalization deal closes.
May 11: Treasury launches its first sale of AIG stock,
reducing its stake in the company from 92 percent to 77 percent.
Aug. 5: The company says it will hold onto United Guaranty,
its mortgage insurance unit whose fate had been undecided.
Shares fall to a 17-month low, having lost half their value
over the course of the year on uncertainty about the company's
Aug. 8: AIG sues Bank of America for $10 billion, alleging
mortgage fraud, in one of the clearest indications yet AIG
intends to fight back against the banks it believes contributed
to its decline.
Sept. 2: ILFC, AIG's aircraft leasing business, files for an
initial public offering.
Feb. 23: After making a determination it has returned to
consistent profitability, AIG recognizes nearly $20 billion in
Feb. 28: The New York Fed sells the last of the assets in
Maiden Lane II, one of the two vehicles it set up to help rescue
June 14: The New York Fed says the last of its
bailout-related loans has been repaid with interest.
June 28: AIG says it will rebrand some units that dropped
the AIG name during the depths of the crisis, restoring the
company's mark to prominence.
Sept. 9: The Treasury launches its fifth sale of AIG stock,
this time for $18 billion, in an offering that will take its
stake in the company to around 20 percent.
Nov. 2: AIG says it plans to shift its focus from stock
buybacks to debt management, and adds it would like to pay a
dividend in 2013 if possible.
Dec. 7: AIG confirms it is in talks to sell 90 percent of
its aircraft leasing unit ILFC to a Chinese consortium.
Dec. 9: AIG strikes deal to sell up to 90 percent of ILFC
for a valuation of $5.28 billion.
Sources: Federal Reserve, A.M. Best, company reports