New York-based beleaguered American International Group Inc. has hit a deal with Hong Kong’s private-equity firm Pacific Century Group to sell a part of its investment advisory & asset management businesses for about $500 million.

It may be noted here that AIG is burdened with Federal Reserve loans worth billions of dollars. AIG was the largest single recipient of the US bailouts. 

AIG is facing debt over $38 billion on the credit line.

Under the deal, Pacific Century Group’s subsidiary Bridge Partners LP will buy the assets for $300 million plus future payments, which will include a performance note as well as an ongoing share of carried interest. 

AIG’s CEO Robert Benmosche had said August, “When we get the fair value for those businesses, that’s when we’re going to sell them; it’s not going to be before.”

The portion for is known as AIG Investments, which manages investments worth $88.7 billion and operates in 32 nations around the world.

The concerned deal is yet to be approved by the regulators.