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AIG, the insurer dismantling itself to repay U.S. loans, used $2.4 billion from asset sales to shore up a property-casualty unit instead of paying down its government credit line.
Under the terms of a credit agreement signed days after the New York Fed first rescued AIG with an $85 billion credit line in September, AIG is required to use net cash proceeds from asset sales to repay its loan within five days after the close of a transaction. Net proceeds exclude funds from regulated insurance subsidiaries that could be downgraded if the capital were removed. AIG has to seek permission from r