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AIG Board Approves Warrants in Connection with Recapitalization Plan

Source: Business Wire

Posted on 10 Jan 2011

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American International Group, Inc. (AIG) announced  that its Board of Directors has conditionally declared a dividend of approximately 75 million warrants to purchase shares of AIG common stock at $45 per share (the Warrants) to be distributed on January 19, 2011, to AIG's common shareholders of record as of January 13, 2011.

The Warrants are being issued as part of a series of integrated transactions to recapitalize AIG initially announced on September 30, 2010. The U.S. Department of the Treasury will not receive Warrants in this distribution.

"This marks continued progress for AIG towards completing the recapitalization and furthering our work to repay the U.S. taxpayer," said Robert H. Benmosche, AIG President and Chief Executive Officer. "We are working diligently to complete this plan in the coming weeks."