Thursday, March 19, 2009

AIG sells stakes in 3 Spanish solar plants

From the International Herald Tribune:
Embattled insurer American International Group Inc. said Wednesday that one of its units sold stakes in three Spanish solar plants. Terms weren't disclosed.

The interests are being sold by AIG Financial Products Corp., a subsidiary of the New York-based insurance giant. The deal is part of AIG's ongoing restructuring plans. HG Capital, a London based private equity firm focused on renewable energy, acquired the stakes.

The financial products group, which has come under heavy scrutiny in recent days because of bonuses its employees received, began unwinding businesses and portfolios as AIG looks to repay hundreds of billions of dollars in loans from the federal government. AIG's chief executive, Edward Liddy, was testifying before Congress Wednesday about the payments of those bonuses....MORE