AIG faces tough selling climate to pay back US govt loan: CEO
The head of troubled insurance behemoth AIG said Thursday that tough economic conditions would make it difficult to sell off assets in order to pay back a giant US government loan.
However, Edward Liddy, chairman and chief executive officer of the US firm, said it was determined to push through with its disposal of non-core assets, as it grappled to pay back part of the 150 billion dollar rescue package.
"These are challenging times to undertake divestitures and it's quite possible that the pace or order of our divestitures will change," he said in Hong Kong, in a speech to the American Chamber of Commerce.
"Nevertheless, I have made the very public commitment that we will pay down the entirety of the amounts we have borrowed from the US taxpayers."
Liddy said the firm, whose full name is American International Group, had used around 30 billion dollars of a 60 million dollar loan facility, put together to rescue what was previously the world's biggest insurance firm.