A subsidiary of insurer American International Group Inc. has filed for Chapter 11 bankruptcy protection.
AIG Financial Products Corp. made the filing Wednesday in the U.S. Bankruptcy Court for the District of Delaware and plans to reorganize. AIG said in a regulatory filing that the reorganization won't have a material impact on its consolidated balance sheets or those of Corebridge Financial Inc.
AIG Financial Products has no material operations or businesses and no employees.
The reorganization will complete AIG's winding down of AIG Financial Products, which it's been working on since the 2008 financial crisis.
AIG was slammed by the deterioration in the credit markets in 2008 amid concerns that complex, structured investments it insured would increasingly default. Its problems did not come from its traditional insurance subsidiaries, but instead from its financial services operations, and primarily its insurance of mortgage-backed securities and other risky debt against default.
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