Executives close to the transaction expect the deal to be completed by the end of the current year.

According to the person close to the transaction, more than $600 million in debt would remain after the sale.

People close to the transaction said the city hopes to receive several bids by the end of March.

"He was there from Day 1, and has worked his head off," a person close to the transaction said.

The price was around $580 million, according to a person close to the transaction.

The deal could be completed this week, people close to the transaction said on Monday.

"The deal didn't make sense to Hank above the level where we were," one person close to the transaction said.

"They weren't going to lose this process," said a person close to the transaction.

But persons close to the transaction say they are confident it will be completed.

"We will relaunch the deal no later than early next week," said a person close to the transaction.