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(Bloomberg) — American International Group Inc.’s sale of International Lease Finance Corp., completed yesterday, ends a quest by the insurer of more than five years to get rid of the unit. Below is a timeline of the struggles and eventual divestiture of the plane-leasing business, which was acquired in 1990 from founder Steven Udvar-Hazy for $1.16 billion and accumulated more than $20 billion in debt.

June 16, 2008: ILFC debt is cut to sell by Bank of America Corp. as AIG Chief Executive Officer Robert Willumstad seeks to recover from investment losses. “It is hard to argue that ILFC presents a good strategic fit,” analyst John Guarnera says.

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