Chicago financier Sam Zell will be selling more of his stake in Midway Airlines, the regional carrier he acquired four years ago when it was based at Midway Airport.
Midway, based in Raleigh-Durham, N.C., said this week it plans to issue $60 million of common stock later this year. Half of the proceeds will be used to buy 10 Bombardier regional jets with 50 seats each.
Some of what’s left over will be used to allow investors like Zell to sell their holdings.
Zell owned 90 percent of the airline until earlier this year, when he sold most of his holdings to James Goodnight, president and chief executive officer of SAS Institute Inc., a privately held software company. Goodnight doesn’t plan to sell any of his current 43 percent stake in the company.
Now the Zell/Chilmark Fund L.P. says it plans to sell 85 percent of its remaining 30 percent stake in the airline.
