Weekend
Report - AIG - AIG Deconstructed: Why AIG Owns 955 Jets - Sourced
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AMER INTL GROUP INC,AIG
After Hours: 1.45 Down 0.01 (0.68%) 7:55PM ET
American International Group, that debt-riddled monstrosity, also happens
to own of the world's largest collection of both Boeing and Airbus airplanes?
International Lease Finance (ILFC), is the world's largest aircraft leasing
company, in terms of the value of its planes, with some 955 jets in its
portfolio.Indeed, ILFC has been a cash cow for AIG, earning $703.1 million in
2008, a 16% increase from the year prior. And it's hardly poised to slow down
any time soon.Earlier this month, the company announced that it would increase
its fleet of planes by 20% to 30% within the next 12 to 18 months.One might
think, in fact, that this powerhouse is exactly what AIG needs to help satisfy
its $180 billion bailout from the government. And that's what AIG thought, too,
when it added it to its ever growing list of subsidiaries on the
sell-block.ILFC, however, doesn't look as alluring to potential bidders when
you factor in its mounds of debt. The company is currently carrying about $32
billion in debt, some of which is slated to mature in October.ILFC has a book
value of $7.8 billion, but potential bidders, which include Thomas H. Lee
Partners and Carlyle Group, Onex and Greenbriar Equity, and Terra Firma Capital
Partners, seem reluctant to offer more than than $5 billion, says Roger King,
analyst at CreditSights.
About
American International Group, Inc. (AIG) is a holding company which, through
its subsidiaries, is engaged in a range of insurance and insurance-related
activities in the
Last Trade: 1.46
Day's Range: 1.43 - 1.47
52wk Range: 0.33 - 31.09
Volume: 41,606,127
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