American International Group Inc. announced last night that the company's new Chairman and Chief Executive Officer Edward M. Liddy will "provide an update on AIG's future direction" at an investors conference call on Oct. 3.
Mr. Liddy, since taking his post last week, has been holding a series of meetings with regulators, brokers and others with an interest in the company to reassure them of its ability to weather its current financial crisis.
This past Monday he said that by Sept. 29 or Oct. 2 he hopes to list some company units for sale and complete some transactions as the firm acts to pay off an $85 billion government bridge loan the company was forced to obtain when it faced a liquidity crisis.
The company progress report for investors was originally scheduled for today when former CEO Robert Willumstad was due to outline his reorganization for the company.
Mr. Willumstad was removed as part of the changes the Federal Reserve Board demanded in exchange for extending credit to the company, which hit a cash crunch because of transactions that soured after the subprime mortgage market collapse.
The company was forced to write off $11.1 billion in credit derivatives, and Mr. Willumstad, AIG's chairman, took the reins of the company from then CEO Martin Sullivan and announced he would undertake reorganization.
Mr. Liddy said Monday in a CNBC interview that the company will sell off its most valuable assets that can be "digested by buyers in relatively manageable bits."
An audio webcast of his Oct. 3 briefing at 8:30 a.m. will be accessible online at www.aigwebcast.com.
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