CHICAGO - Chicago's $2.52 billion groundbreaking agreement to lease Midway Airport to a private consortium under a federal pilot program was canceled yesterday over the group's inability to raise financing for the 99-year transaction amid the ongoing international credit crunch.

The deal with Midway Investment and Development Co. announced last fall by Chicago was once on the fast track for local and federal approval before President Obama took office and it was being closely watched by other airport managers across the country interested in following Chicago's lead.

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