American International Group (AIG) Sinks Another 37% In Pre-Open Action

American International Group, Inc. (NYSE: AIG) is trading down to $7.58 per share in pre-open trading, down 37% from Friday's close on reports the company is scrambling to raise cash and sell assets after Standard & Poor's Ratings Services placed its ratings on AIG and subsidiaries on CreditWatch with negative implications on Friday.

AIG is looking to sell its domestic automotive business, its annuities unit, and has also looked into selling its aircraft-leasing arm, International Lease Finance Corp. AIG is also looking to raise another $10 billion in fresh capital, although it isn't clear how it would be structured. All the initiatives could bring $40-$50 billion to plug holes in AIG'S balance sheet. AIG has also reached out to the Federal Reserve for help.

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