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Davis Polk corporate partners John Amorosi and John Knight are advising the US Treasury on the deal, which will give the US Government control of two of the group's largest businesses - American International Assurance (AIA) and American Life Insurance Company (Alico).
In exchange the US Government will provide AIG with a $30bn lifeline. This is the third government bailout the insurance group has received since September last year.
Simpson Thacher & Bartlett advised the independent directors of AIG on the deal, with partners Richard Beattie, James Gamble and Michael Nathan leading the team.
Sullivan & Cromwell partners Bob Reeder, Michael Wiseman and Rodgin Cohen and Weil partners Michael Aiello, Matthew Gilroy and Marcia Goldstein are advising AIG on the deal.
Last year The Lawyer reported that Sullivan's Cohen was drafted in to advise on the original $20bn bailout AIG received from New York State regulators (22 September 2008).
Davis Polk has also secured a number of roles on credit crunch related deals including Citigroup's recapitalisation last Friday. The firm teamed up with co-counsel Cleary Gottlieb Steen & Hamilton to advise the ailing bank (27 February).