AIG Board to Meet Today to Weigh U.S. Exit Plan

September 29, 2010

American International Group Inc.’s board will meet later Wednesday to discuss a plan that would allow the U.S. Treasury to exit its investment in the bailed-out insurer, AIG Chairman Steve Miller said.

Miller said that AIG was nearing a conclusion that could be a “win-win” deal for stakeholders.

The exit plan includes converting the Treasury’s $49 billion preferred stake in AIG to common stock, Miller said at an industry conference in New York.

Separately, CNBC reported that AIG’s board would finalize the exit plan Wednesday and could announce the plan Thursday, citing senior government officials.

The exit plan would chart the eventual disengagement of the government from AIG, which was propped up by a $182.3 billion taxpayer-funded aid package during the financial crisis.

(Reporting by Paritosh Bansal. Editing by Robert MacMillan)

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