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AIG Subsidiary Files for Chapter 11 Bankruptcy

Started by Epoch-Times-Bot, Dec 14, 2022, 10:15 PM

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Epoch-Times-Bot

AIG Subsidiary Files for Chapter 11 Bankruptcy

American International Group Inc. said on Wednesday its subsidiary, AIG Financial Products (FP), had filed for Chapter 11 bankruptcy protection to complete the wind down of a business unit that was a central figure in the 2008 financial crisis.
AIG Financial Products largely ceased operations in 2008, and its bankruptcy will not have a material impact on AIG or on life and retirement insurer Corebridge Financial Inc, which AIG recently spun off, AIG said.
AIG Financial Products issued the credit default swaps that put AIG on the hook for billions of dollars in losses during the collapse of subprime mortgage markets, according to court documents filed in U.S. Bankruptcy Court in Wilmington, Delaware....

Source: AIG Subsidiary Files for Chapter 11 Bankruptcy

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