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AIG sells AIA shares to pay down bailout tab

American International Group Inc. is selling part of its stake in AIA Group Ltd. to raise $6 billion as it continues to repay the $182 billion government bailout that prevented the company's collapse during the 2008 financial crisis.

By Kelvin Chan | Updated on March 05, 2012

HONG KONG (AP) — American International Group Inc. is selling part of its stake in AIA Group Ltd. to raise $6 billion as it continues to repay the $182 billion government bailout that prevented the company’s collapse during the 2008 financial crisis.

New York-based AIG plans to sell a “significant proportion” of its 33 percent stake in AIA, the Hong Kong listed company said Monday. AIG said in a separate statement Sunday the shares will be sold to institutional investors and proceeds will be used to pay off money owed to the U.S. Treasury.

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