Los Angeles Business Journal

ILFC Sale to Chinese Investors Back on Track

By Deborah Crowe Originally published June 4, 2013 at 3:35 p.m., updated June 5, 2013 at 3:56 p.m.

AIG's planned sale of its Century City airplane-leasing business was back on track Wednesday, with the Chinese investor group hoping to buy International Lease Finance Corp. finally paying a required deposit.

The group, led by New China Trust Co. Chairman Weng Xianding, placed about 10 percent of the $4.8 billion purchase price in an escrow account, American International Group Inc. said in a regulatory filing. AIG could have opted to cancel the deal if the payment was not made by mid-month.

The New York financial giant said in a regulatory filing late last week that Xianding's group had failed to pay the required deposit for purchase of 90 percent of ILFC. AIG Chief Executive Robert Benmosche on Tuesday confirmed concerns that the sale might be at risk.

The transaction still needs several U.S. regulatory approvals.