American International Group's unit extended the date for a Chinese consortium to get regulatory approvals to buy the airplane-leasing business till July 31. AIG announced the deal to sell International Lease Finance Corp (ILFC) last December for $4.8 billion to a consortium including New China Trust, one-fifth owned by Barclays Plc, China Aviation Industrial Fund and P3 Investments Ltd.
Last month, the two sides agreed to extend the deadline for the deal's closing by a month, to mid-June. AIG may terminate the deal if it does not close by July 31, ILFC said in an amendment to its initial public offering on Friday. ILFC also said it will not go through with an IPO if the sale is completed.
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