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AIG Airplane Unit Repays $3.9 Billion Loan Ahead Of Schedule

Leasing Company Says It Can Now Operate Without Help From "Bailed Out" Parent

The aircraft leasing unit of American International Group (AIG) says it has repaid a $3.9 billion loan early, and has now regained its "financing freedom."

International Lease Finance Corp. says it should now be able to fund its self without assistance from its "bailed out" parent. The company worked out a $4.4 billion deal late last week to pay off a loan from the Federal Bank of New York made in 2009. The company said the loan was necessary to meet its obligations at the time.

The Wall Street Journal reports that ILFC manages nearly 1,000 aircraft. AIG had at one time determined that ILFC was a "non core asset" and had looked for a buyer for its airplane leasing arm. While AIG says now that the sale is "not imminent," a more stable financial picture could make ILFC a more attractive purchase.

ILFC reportedly has sold off some of its airplanes over the past year, but it still has orders on the books with Airbus and Boeing worth more than $13 billion. "We're not in a shrinking mode," said ILFC CEO Henri Courpron.

FMI: www.ilfc.com

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