AIG 1.62, +0.07, +4.5%) applied to participate in the Federal Reserve Bank of New York's Commercial Paper Funding Facility to secure up to $20.9 billion in short-term financing, according to a regulatory filing by AIG Thursday. The affiliates will use the funds from the issuance of the commercial paper to refinance AIG's outstanding commercial paper as it matures, meet other working capital needs and make voluntary prepayments under AIG's $85 billion credit facility with the Federal Reserve Bank of New York. The Fed has already lent AIG more than roughly $100 billion to prevent the insurance giant from
This is a positive news people. A sign that management has a strategy and thinking ways of paying back the loans and reduce interest charge. Take it for what it's worth but I see more positive news coming in a few weeks.