AIG accused of excluding buyers from the sale of its rail-car unit

BAILED-OUT insurer AIG has put its rail-car unit up for sale, though trade buyers are complaining of being excluded from the auction, the Wall Street Journal reported yesterday.

The assets of AIG Rail Services have a book value of about $660m but it was not clear how much American International Group was seeking for the business.

AIG Rail, started in 2005, leases tank and freight cars.

The Journal also quoted the chief executive of competitor GATX Corp as saying his company and other potential strategic buyers have been excluded from the auction.

GATX CEO Brian Kenney told the paper he was interested in the assets.

An AIG spokesman declined to comment on the sale. Bank of America is said to be advising AIG.