A consortium led by Onex and Greenbriar Equity Group has emerged as the frontrunners to acquire AIG’s aircraft-leasing business, International Lease Finance Corp.

While AIG, which is selling ILFC and other assets to repay $100bn in debt and equity to the US government, has not ended negotiations with the business’s other suitors, the insurer named the Onex-Greenbriar group the preferred bidder after the two sides made “significant progress” toward an agreement, a person familiar with the matter said.