US insurance giant AIG drafted in Sullivan & Cromwell to advise it on its $20bn (£11.23bn) lifeline from ;New ;York ;State regulators.
The facility will allow AIG to borrow money off its balance sheets using its subsidiaries as security, and it is understood that further emergency funding is currently being arranged.
The ;Sullivan ;team includes ;the ;firm’s chairman and finance partner Rodgin Cohen, ;M&A ;partner ;Robert DeLaMater, derivatives partner and co-head of corporate Robert Reeder III, and banking partners Mark ;Welshimer ;and Michael Wiseman.
Cohen also advised Fannie Mae on its recent bailout by the US Treasury, which was advised by Wachtell Lipton Rosen & Katz.
Last Monday’s turmoil on Wall Street now involves a large number of New York and City firms. Linklaters and Weil Gotshal & Manges are acting on the administration of Lehman Brothers, Shearman & Sterling and Wachtell have bagged roles on the Merrill Lynch takeover by Bank of America, while Cravath Swaine & Moore and Davis Polk & Wardwell are advising on the $70bn (£39.29bn) emergency liquidity facility set up by leading banks.