The recapitalization deal for bailed-out insurer American International Group is done and all but certain to close on January 14, a person familiar with the situation said on Friday.

With that deal closed the U.S. Treasury will own 92.1 percent of AIG. The person, who spoke anonymously because he was not authorized to speak publicly, said the company is targeting March for Treasury to sell some of its AIG stake.

But given the tight time frame, a May sale is more likely, the person said.