CHICAGO — Chicago pulled the plug on privatization plans for Midway International Airport after one of only two remaining bidders dropped out, raising concerns that the lack of competition might erode the deal’s value.

“The mayor has decided not to move forward with a lease option at Midway Airport. We set a high bar that required a new level of taxpayer protection, such as a shorter lease term and increased revenue sharing,” Sarah Hamilton, spokeswoman for Mayor Rahm Emanuel, said Thursday. “The companies did not meet that bar and could not make an offer that would meet what taxpayers deserve.”

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.