Chicago buys more time on Midway

The City of Chicago bought more time today to make up its mind on the future of the privatisation process for its Midway Airport.

Midway: Chicago buys more time

“The city continues its review of market and other factors,” Chicago said in a regulatory filing with the Federal Aviation Administration, “and has not yet made a decision on its next step to complete the privatisation of the airport”.

The filing is the fifth supplement to the city’s original October 2008 application to the Federal Aviation Administration to privatise the airport. In a similar filing made in late April, the city said it “continues its deliberations” on the process.

In April 2009, a consortium of investors led by the $3.4 billion fund manager Citi Infrastructure Investors ended negotiations with the city to acquire a 99-year lease of Midway after they failed to secure the $2.52 billion all-equity financing to meet the upfront lease payment.

The city said it will provide its next update on the privatisation process by 30 November.