US government will take back seat in AIG management, says S&P
Standard and Poor’s does not expect the US government to take an active role managing AIG - other than appointing a new chief executive officer - when its “unprecedented agreement” to offer the insurer an $85bn secured loan facility is closed.
As part of the arrangement, AIG will pay three-month LIBOR plus 8.5% on funds borrowed under the facility and the US government will receive a 79.9% equity ownership in AIG.
S&P noted that the high
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