Tue, May 13, 2008
Parent Company Posted $7.8 Billion Loss
Sometimes, it's truly frightening how interconnected the global
economy is today. Consider the following: International Lease
Finance Corp. -- the world's largest lessor of commercial airliners
-- may split from parent company American International Group, due
to the insurance company's staggering financial slump.
The cause of AIG's misfortunes? A record $7.8 billion quarterly
loss, due to losses stemming from insured properties obtained
through subprime mortgages, that have since gone into default.
Citing a report in The Wall Street Journal, Reuters reports ILFC
is considering a split from AIG due to the insurer's poor
performance of late, and fears that red ink could make it harder
for ILFC to compete in an increasingly crowded aircraft leasing
AIG has posted losses for two consecutive quarters, and shows
little sign of rebounding soon. ILFC reportedly wasn't prepared for
the latest news to be quite as bad as it was, according to sources
close to the matter.
There are signs, however, the writing has been on the wall. ILFC
chief Steven Udvar-Hazy -- who also has a large amount of stock in
the company -- went to AIG headquarters in New York recently to
express his concerns.
It's possible ILFC could be spun off as a separate entity, or
sold to a group of investors. So far, however, no one is commenting
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