CHICAGO — The combined needs of struggling municipalities, financially strapped airlines, and labor could spark a national wave of interest in airport privatization if Chicago pulls off its plan to lease Midway Airport as expected, a key legal adviser on the proposal predicts.

The greatest impact outside of Chicago will be "in opening U.S. airports to the kind of privatization we've seen around the world," attorney John Schmidt, a partner at Mayer Brown, the chief legal adviser on the transaction, said recently.

Subscribe Now

Independent and authoritative analysis and perspective for the bond buying industry.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.