Global insurance giant American International Group (AIG) efforts to raise new capital were put in jeopardy after a series of damaging credit downgrades as the drama on Wall Street intensified, The Telegraph reports.
AIG, the world’s largest insurance company with a $1,000bn (£558bn) balance sheet, faces a $14.5bn cash-call as a result of the cuts. The reductions are likely to make it even more difficult for the team of banks and regulators working frantically to provide a $75bn lifeline to Manchester United sponsor. If that money cannot be raised, it is possible that AIG may have to file for bankruptcy protection in a bid to protect its assets, many of which continue to operate profitably. A new law making it quicker for banks, credit card companies and other lenders to take action against strugg...
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