AIG's plane unit ILFC pursues sale of $3.5 bn in aircraft

American International Group Inc’s plane-leasing business is pursuing the potential sale of aircraft for around $3.5 billion after the bailed-out insurer said it would support the unit.

International Lease Finance Corp is evaluating bids that would result in a loss if a sale takes place, the Los Angeles-based unit said. Any transaction would have to be approved by the Federal Reserve Bank of New York, which holds jurisdiction over AIG since the US provided a $182.3 billion bailout to parent company.