AIG turns to Sullivan in struggle to stay afloat
Five Sullivan & Cromwell partners, including chairman Rodgin Cohen, are representing AIG as the insurance giant struggles to stay afloat, The Am Law Daily has learned. Shares of AIG tumbled by 60% in trading early on Monday (15 September) due to fears that the company lacked the capital to make up for a threatened cut in its credit rating. AIG has lost most of its value this year due to losses on credit default swaps, derivatives that insure investors against defaults by a bond issuer.
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