Credit crunch throws wrench into Midway lease

The credit crunch is threatening plans to lease Midway Airport to private investors for $2.5 billion.

A Chicago official says an April 6 closing date on the 99-year lease is now likely to be put off for up to six months to give investors from New York, Boston and Canada more time to secure financing.

A spokesman for Chicago's Office of Budget and Management, Pete Scales, said Tuesday the group has had trouble raising money amid disarray in financial markets.

If it goes through, Midway could be the first major U.S. airport to go private under a federal pilot program.

But if it fails, Chicago would be able to keep $126 million the investors have already paid.