Face-to-face with its biggest-ever loss, a $60 billion fourth-quarter loss - the insurance biggie American International Group, AIG, intends asking the US government for certain alterations, to ease its conditions of $150 billion bailout loan.

According to The Wall Street Journal report, citing unnamed sources, the changes to be sought by AIG include paying back the company's initial $60 billion government loan using an amalgamation of debt, equity, cash, and operating business.

More specifically, the reworked AIG agreement would comprise an additional equity commitment of about $30 billion; more indulgent terms on a current preferred investment; and a reduced rate of interest rate.

As per the Journal reports, the plan that the troubled insurer is working on would only ease its loan terms, but also endeavor to uphold AIG's credit ratings, which if cut will imply a payment of billions of dollars by the company to its trading partners.

It was in September last year the nearly-bankrupt AIG received an $85 billion bailout loan' soon followed by additional loans to keep afloat; and yet another $150 billion bailout package in November.

The proposed changes in the agreement will be voted on by AIG's board on Sunday; and once the decision is taken by the board, the deal would likely be announced Monday, along with the company's reports of its quarterly results.