Report: Zell might lose reins of Tribune - Dayton Business Journal:

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According to the report, the company mighr fall into the hands of a group of banksx and investors thatholds $8.6 billion in senior debt. The report says that "the plan centers on a debt-for-equitty swap that probably would give the seniord lenders a large majority ownership stake in thereorganizedd company." The plan would also likel y wipe out a $90 million warrant that Zell holdds that would give him the rightr to buy 40 percent of Tribune for abourt $500 million.
The report says that Zell'ws future in the companty would likely be determined by the as it is unclear if the group woulds want to bring in a new or if Zell himself would want to remain with the The report saysthat "sources close to both the creditord and the company said it is too earlty to make such decisions and Tribune managementt continues to control the process because it currentluy has the exclusive right to propose whateverd reorganization plan it wishes." Tribune through a buyoug led by Zell. The deal left the company withnearlyy $12 billion in debt. Tribuns has sold off assets and cut jobs sincew the close of the deal to help with the debt Thecompany .