AIG to sell 53 aircraft to Macquarie for $2 bn

Bailed out insurer American International Group (AIG) today said it will sell its portfolio of 53 aircraft to Australia-based Macquarie Group in a $2 billion-deal.

The sale is the latest in a string of divestments by the embattled insurer, which had received over $180 billion taxpayers money from the US government.

In a statement today, AIG said its aircraft-leasing division, International Lease Finance Corporation (ILFC), would sell 53 aircraft in a deal worth $2 billion.

The jets would be sold to Macquarie Aerospace Ltd, which is part of diversified financial services group Macquarie. The sale is expected to complete this year.

 

"The aggregate net book value of the portfolio at April 13, 2010, is $2.316 billion. Net cash proceeds from the sale will be transferred as the individual aircraft are sold," the statement added.

"ILFC's ability to accomplish significant aircraft sales, together with our recent successes in the financial markets ... Strongly demonstrates ILFC's ability to generate liquidity and de-lever its balance sheet," ILFC's President and CEO Alan Lund said.

ILFC owns a portfolio consisting of approximately 1,000 jet aircraft.