US trio take lead on latest AIG bailout
Davis Polk & Wardwell, Weil Gotshal & Manges and Sullivan & Cromwell have grabbed lead roles on the latest multibillion pound bailout of AIG. The insurer, which yesterday (2 March) reported a record fourth quarter loss of $61.7bn (£43.5bn) and an annual loss of $99.3bn ((£70.1bn), reached an agreement that will see the Treasury give the company up to $30bn (£21.1bn) of additional funds. The agreement also forgives some of AIG's existing debt to the government by turning it into equity; attaches a lower interest rate to AIG's outstanding debts and gives the government control of two AIG subsidiaries.
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