Insurer American International Group Inc. has received a delayed deposit payment from the Chinese consortium buying its ILFC airplane leasing business, AIG said in a regulatory filing on Wednesday.
Last week AIG said it had not received the payment as scheduled, a development that threatened to derail the deal, worth up to $4.8 billion.
AIG and a spokesman for the consortium were not immediately available to comment.
AIG announced the deal last December. Two weeks ago, the two sides agreed to extend the deadline for the deal’s closing by a month, to mid-June.
The Chinese consortium includes New China Trust, one-fifth owned by Barclays Plc ; China Aviation Industrial Fund; and P3 Investments Ltd. An arm of Industrial and Commercial Bank of China, China’s biggest bank, intends to join the group once the deal had regulatory approval.
ILFC was the last key asset that AIG was attempting to dispose of following its government-backed restructuring. AIG filed to take the business public in 2011 before ultimately agreeing on the sale last year.
With nearly 1,000 owned or managed planes, ILFC is one of the world’s largest players in the business of buying aircraft and leasing them to airlines. It has recorded heavy charges in recent years to write down the value of older planes in its fleet.
The sale price for ILFC was about half of what AIG once insisted the business was worth.
AIG shares were up 1.7 percent to $44.86 in morning trading.
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