NU Online News Service, Jan. 14, 3:04 p.m. EST

WASHINGTON—American International Group completed a critical step in its effort to again become a completely private company, exchanging more of its government support for common stock owned by the Treasury Department and paying off its debt to the Federal Reserve Board in cash.

The deal was announced as the Treasury met this week in Washington, D.C. with bankers seeking to manage the public offering of a large portion of its stake in AIG.

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