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Fri, Apr 03, 2009

Investors Given More Time To Buy Midway

Privatization Effort Stalls In Economic Crisis

The City of Chicago, which is expecting a big payday when private investors take over Midway Airport (MDW), has given lead investor Citi Infrastructure Investors another six months to raise the cash to pay for the 99-year lease.

Citi is partnered with YVR Airport Services and John Hancock Life Insurance in the deal, which will put $2.52 billion into city coffers. As with everything else lately, getting the financing has been the hard part.

Jodi Kawada, deputy press secretary for Mayor Daley, told the New York Times, "...because the city continues to feel that this deal will provide great benefit to Chicago taxpayers and residents, including 900-million dollars to invest in city infrastructure, we may allow some extra time to ensure we are doing everything we can to close this transaction if possible and preserve that benefit.”

If Citi cannot obtain financing, the group loses a $126 million letter of credit it gave the city to secure the deal -- so either way, Chicago makes out OK. Daley wouldn't have it any other way!

FMI: www.ohare.com

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