AIG to Close Overseas Subsidiaries.

Byline: James Makau

After struggling to find a solution to an extraordinary bust that hit the company last month, settling the American International Group's (AIG) $81 billion debt to the US government is coming at a painful cost.

The giant insurer is being forced to sell off of its international operations in almost 130 countries across the world. Architects of AIG's slimming plan are pushing for a smaller and leaner yet profitable outfit that is sustainable and can offer new avenues for long-term growth.

Information from the group's headquarters indicate that the new plan is to return AIG to its core property and casualty business, foreign …