AIG Financial Products in $60.5m sale
AIG Financial Products, the struggling subsidiary of AIG, said that it has closed the sale of its interests in two transactions and related commodity hedges from its energy and infrastructure book of business for total net proceeds of $60.5m. The purchaser was not disclosed.
The two transactions, known as volumetric production payment (VPP) transactions, comprise limited-term overriding royalty interests entitling the VPP owner to a priority allocation of a fixed monthly
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