AIG posts $4.35 billion first quarter loss

On Thursday, AIG announced a $4.35 billion loss for the first quarter of 2009, as compared to a net loss of $7.81 billion in the first quarter of 2008 and a net loss of $61.7 billion in the fourth quarter of 2008.

Filed under:
USA, Insolvency & Restructuring, Insurance, Alston & Bird LLP, Libor, Market liquidity, Retirement, Life insurance, Line of credit, Preferred stock, US Securities and Exchange Commission, US Department of the Treasury, American International Group, Bank of New York Mellon
Authors:
Ian Grant
Location:
USA
Firm:
Alston & Bird LLP
Treasury releases completed transactions report

Yesterday, Treasury released its most recent transactions report for the period ending July 20, 2010. The report shows the completed exchange of Treasury's $400 million of preferred stock in First BanCorp for $424,174,000 of mandatorily convertible preferred stock (MCP), which is equivalent to the initial investment amount of $400 million plus $24,174,000 of capitalized previously accrued and unpaid dividends.

Filed under:
USA, Banking, Insolvency & Restructuring, Alston & Bird LLP, Credit (finance), Dividends, Limited liability company, Preferred stock, US Department of the Treasury, Bank of New York Mellon
Location:
USA
Firm:
Alston & Bird LLP
AIG restructuring

On November 1st, the Treasury Department provided an update regarding the federal government's involvement with AIG. AIG will use the proceeds from its sale of one unit and the IPO from a second to repay the loan extended to AIG by the Federal Reserve Bank of New York and to repurchase a substantial amount of the FRBNY's preferred interests in certain AIG subsidiaries. AIG will then draw up to $22 billion in remaining Troubled Asset Relief Program funds from the Treasury Department to restructure its governmental obligations.

Filed under:
USA, Insolvency & Restructuring, Insurance, Winston & Strawn LLP, Share (finance), Initial public offering, Subsidiary, Preferred stock, US Federal Government, US Department of the Treasury, American International Group, Bank of New York Mellon
Location:
USA
Firm:
Winston & Strawn LLP