Credit Woes Halt Midway Purchase

Description:
Flights at Chicago Midway International Airport will continue to take off as usual, but a multibillion-dollar deal to privatize the airport will remain grounded, at least until the U.S. economy refuels. The sale, valued at $2.52 billion and set up for a 99-year lease, was scheduled for signatures on April 6, but Midway Investment and Development Co., a joint venture of Citi Infrastructure Investors, John Hancock Life Insurance Co. and Vancouver Airport Services, failed to come up with the capital needed to close the deal. MIDCo finally broke talks with the city in late April after it was granted a two-week deadline extension amid negotiations to delay the deal for even longer, up to six months.

SUBSCRIBER LOGIN User Name: Password: Forgot your password?

Monthly Subscription: Access all articles published on ENR.com for only $9.95/Month. Annual Subscription: Get ENR magazine for one year and access to all articles published on ENR.com, along with ENR daily news alerts and weekly newsletters for only $82/Year.