Normally, late payments and delayed closing dates are bad news for a seller. But the systemically-important AIG's on a winning streak lately and isn’t going to led the tardiness of a Chinese consortium get it down.
American International Group Inc. and the Chinese consortium that agreed to buy its plane-lease unit extended the window to complete the $4.23 billion deal until the end of July after failing to close the transaction by their initial deadline.
But AIG is now also free to hunt for other buyers and move ahead with preparations for a public offering of the unit, called International Lease Finance Corp., according to a regulatory filing made by AIG early Monday.
Under an amendment to the purchase agreement, AIG is also free to terminate the deal if it determines that regulatory approvals won't be met by the end of July.