Nov. 6 (Bloomberg) -- American International Group Inc., the insurer rescued by the U.S., tapped the Treasury Department for another $4.2 billion to help restructure its money-losing mortgage guarantor and the plane unit it’s trying to sell.

AIG accessed about $2.1 billion from its Treasury facility on Aug. 13 and told the government today it would draw down another $2.1 billion, the New York-based company said in a regulatory filing. AIG got the $29.8 billion facility in April as part of its fourth bailout.

“It shows that they’re still having trouble getting cash to continue to run their operations” without government support, said Sandler O’Neill Partners LP analyst Paul Newsome. “That’s despite the fact you’ve had some really favorable things happen, like the credit markets getting better.”

AIG was bailed out in September 2008 to prevent losses at banks that bought derivatives from the insurer. The $182.3 billion rescue includes a $60 billion Federal Reserve credit line, up to $52.5 billion to buy mortgage-backed securities owned or backed by the insurer, and a Treasury investment of as much as $69.8 billion in two facilities. AIG has already drained one of the Treasury programs, valued at $40 billion.

AIG is using Treasury funds to buy shares of International Lease Finance Corp. held by one of its insurance units, the company said in the filing. The transfer may ease the eventual sale of Los Angeles-based ILFC or its assets, Newsome said.

Plane Sale

The insurer is in talks to sell as much as $4.5 billion of commercial planes to ILFC’s chief, Steven Udvar-Hazy, who is seeking to start a rival firm, people familiar with the matter said in October. Christina Pretto, a spokeswoman for AIG, declined to comment.

Funds will also be used for “restructuring transactions” at AIG’s United Guaranty mortgage insurer, the company said in the filing. United Guaranty reimburses lenders when borrowers don’t repay and foreclosure fails to cover costs. The Greensboro, North Carolina-based mortgage guarantor named Eric Martinez this year to replaces William Nutt as CEO.

The Treasury facility was initially $30 billion, then was reduced by $165 million, the amount AIG gave in bonuses in March to employees of an unprofitable derivatives unit. AIG first tapped the $29.8 billion facility in May when it accessed about $1.2 billion to shore up its U.S. life insurance operations.

Fed Credit Line

AIG owes $44.5 billion on its Federal Reserve credit line. The figure rose last month as the firm propped up ILFC by extending $2 billion in credit. ILFC turned to AIG to finance contractual obligations after credit downgrades barred the plane unit from borrowing from the U.S. commercial paper program.

The company has agreements to raise more than $12 billion by selling operations including a U.S. auto insurer, an equipment guarantor and a Taiwan life unit. Chief Executive Officer Robert Benmosche is seeking to enhance the value of assets before they are sold “and expects to accomplish this over a longer time frame than originally contemplated,” AIG said today in a statement.

AIG reported $455 million in net income today, its second straight quarterly profit after the U.S. rescue, as investment losses narrowed and catastrophe costs declined.

To contact the reporter on this story: Hugh Son in New York at hson1@bloomberg.net

Last Updated: November 6, 2009 15:42 EST