updated 11/9/2008 8:30:04 PM ET 2008-11-10T01:30:04

American International Group Inc. late Sunday was reportedly near a deal for a revised bailout package from the U.S. government that would make borrowing terms easier for the troubled insurer.

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A proposed $123 billion bailout package would be replaced with a new $150 billion package, according to the Wall Street Journal.

Details of the arrangement could be announced as early as Monday, when AIG is scheduled to report its third-quarter results, the Journal said. The plan reportedly would replace an $85 billion two-year loan with a $60 billion five-year loan at a lower interest rate.

The government also reportedly would inject $40 billion into AIG in exchange for preferred stock.

AIG representatives were not immediately available for comment.

The government had earmarked $85 billion in September for AIG's rescue. Another $37.8 billion was made available in October.

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