MIDCo, a consortium of three partners, Citi Infrastructure Investors (CII), John Hancock Life Insurance, and Vancouver Airport Services (YVRAS) entered into a bidding process in the second quarter of 2008 with the City of Chicago for the development, management and operation of Chicago Midway Airport. The bid was awarded to MIDCo in September 2008. Today, the City of Chicago announced that the City and MIDCo have agreed that the two-week extension granted on April 6, 2009 will not be renewed as the company was unable to finalize the transaction due to current global market conditions that have materially deteriorated since the bid award. YVRAS, which is jointly owned by CII and Vancouver Airport Authority, remains in a strong financial position, and continues to develop and operate a network of 18 airports around the world.
More Details