AIG to get $231M if auction of Asian assemblage crumbles

NEW YORK – American All-embracing Group Inc. will accept a abortion fee of $230.6 actor if the auction of its Asian activity allowance business to Britain's Prudential PLC avalanche through.

In a filing with the Balance and Exchange Commission backward Friday, AIG said the deal, appear March 1 and accustomed the ambitious by the U.S. government, still requires authoritative and actor approval.

The auction of American All-embracing Assurance Co., or AIA Group Ltd., is accepted to net AIG $25 billion in banknote and $10.5 billion in securities. It's the better in a alternation of deals in AIG's efforts to restructure and pay off its $182.5 billion accomplishment amalgamation from the government.

The banknote allocation of the auction would let AIG pay aback about 20 percent of the about $130 billion in bailout money still outstanding.

Separately, the New York-based insurer is accepted to advertise the auction of its American Activity Allowance Co., or Alico, to MetLife Inc. in advancing days. One hurdle for the projected $15 billion Alico auction was austere this anniversary back the Internal Revenue Service issued a favorable cardinal on a tax question, the Wall Street Journal reported.

MetLife accepted aftermost ages it was in talks to buy Alico, an all-embracing activity and bloom allowance business that operates in added than 50 countries.

The two deals could accord AIG abundant to eventually awning the Federal Reserve Bank of New York's $47.9 billion advance in the company.

AIG's debt to the government additionally includes $47.3 billion owed the U.S. Treasury and $34.5 billion in outstanding aid angry to the amount of investments the New York Fed bought to prop up AIG.