Southwest Airlines give tentative approval to privatizing Midway

Southwest Airlines has reached a tentative agreement with the city of Chicago that would allow a private operator to lease Midway Airport.

While Chicago's chief financial officer is describing the agreement as a big first step toward privatizing Midway, Southwest vice president Bob Montgomery issued a carefully worded statement that stopped short of a final endorsement.

Montgomery said the agreement is a way for the city and the airline to increase their knowledge about airport privatization in a manner that hopefully produces a mutually beneficial outcome.

City officials now must convince four more of the seven scheduled airlines that operate at the airport to sign on before being able to proceed with the initiative. If the airlines agree, the city would seek bidders for a long-term lease that must be approved by the federal government.