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The U.S. Treasury hired Greenhill & Co. to help it dispose of its investment in bailed-out insurer American International Group, which the Treasury will own 92.1 percent of from early next year.

The 18-month contract is dated Nov. 18, though the New York Times reported it was first posted on the Treasury’s website the evening of Nov. 22.

Greenhill will be paid $500,000 a month for the first 12 months of the pact and $175,000 a month for any month after that through the contract’s termination, for a total of $7.05 million if the contract runs the full 18 months.

The U.S. has an option to extend the contract for another six months, which would bring the total to $8.1 million.

ÌìÃÀÍøÕ¾´«Ã½´«Ã½ and the Treasury are in the process of a recapitalization deal that will pay off the Federal Reserve of New York for its aid to the insurer and increase the government’s stake in the company.

ÌìÃÀÍøÕ¾´«Ã½´«Ã½’s bailout ballooned to more than $182 billion at one point, and even after the recapitalization closes it will still owe around $100 billion.

Given the gain in ÌìÃÀÍøÕ¾´«Ã½´«Ã½’s shares since the bailout and the improved performance of its businesses, the government expects to ultimately make money on the company’s rescue.

(Reporting by Ben Berkowitz; Editing by Derek Caney)

Topics USA ÌìÃÀÍøÕ¾´«Ã½´«Ã½