Asset sold in effort to repay $85bn US government rescue loan.
Insurer AIG has sold its 50% stake in London City airport as it attempts to repay the $85bn US government rescue loan by disposing a number of assets.
The insurer, which is considering selling more than 15 businesses, sold its stake to Global Infrastructure Partners, its partner in the purchase of the airport two years ago.
The financial details surrounding the deal have not been disclosed. However it is believed that AIG could suffer a heavy investment loss, with reports suggesting that the insurer would receive up to £250m from the deal, resulting in a £125m loss.
