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AIG begins divesting of its aircraft unit

Bailed-out US insurer, American International Group (AIG) has begun the process of publicly listing its airline leasing unit, International Lease Finance Corp, in an effort to sell part or all of ILFC subsequent to it going public.

The filing with the Securities and Exchange Commission will prepare the way for the initial public offering of ILFC.

The filing did not disclose either the amount of shares to be offered or the price details, but around 20% of AIG’s holdings would be offered.

AIG said that it would try to dispose of the other 80% in another three years.

ILFC chief executive Henri Courpron said: "While AIG has not made a final decision to pursue an IPO, this filing is an important step to help us prepare for one, should that be the decision."

AIG, which has owned ILFC since 1990, was bailed out by the US Treasury at a cost estimated to be $182.3bn.