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AIG hopes to make decision on ILFC sale or IPO in fourth quarter - CEO

Reuters

NEW YORK (Reuters) - Insurer American International Group (NYS:AIG) hopes to make a decision on the sale or initial public offering of its ILFC aircraft leasing unit in the fourth quarter, the company's chief executive said on Friday.

While a consortium of buyers is making progress on the purchase, AIG chief Robert Benmosche said on a post-earnings conference call, the company is considering whether it can close the transaction this quarter or should instead commit to an IPO path.

"So that is a decision we hope to make in this fourth quarter," he said.

AIG said in December 2012 that it had reached an agreement to sell a stake of up to 90 percent of California-based ILFC to a consortium of investors, based mainly in China, for $4.7 billion.

But the Chinese consortium has missed earlier deadlines in the sale process, which is still ongoing.

(Reporting by Luciana Lopez and Dan Wilchins)