The world largest insurer’s stock plummeted by 50% at the opening of business at New York Stock Exchange recently. What is more, AIG’s market capitalization dropped down to $6.6bn.

Kommersant reports the downfall was largely caused by the leading rating agencies decreasing AIG Inc.’s credit ratings, which made borrowing much more difficult for the insurer.

Kommersant quotes some informed Wall Street Journal sources that report AIG is now trying to get up to $75bn worth of loans to go through with its liabilities and might actually file a petition for bankruptcy in case everything fails. The company appears to be in a strait.

AIG’s former head Maurice Greenberg spoke bitterly about the company’s future the other day as well. In case the company fails to get an emergency loan and rating agencies keep chasing it, they will have to declare themselves insolvent, he said.