Report: Zell might lose reins of Tribune – Denver Business Journal:

According to the report, the company might fall into the hands of a group of banks and investorss thatholds $8.6 billion in senior debt. The reportt says that "the plan centers on a debt-for-equity swap that probably would give the senior lenders a large majorit y ownership stake in the reorganized The plan would also likely wipe outa $90 milliom warrant that Zell holds that wouls give him the right to buy 40 percent of Tribuned for about $500 The report says that Zell's future in the company wouldx likely be determined by the as it is uncleae if the group would want to bring in a new or if Zell himself would want to remain with the company.
The report says that "sourcexs close to both the creditors and the companyu said it is too early to make such decisione and Tribune management continues to control the processs because it currently has the exclusivw right to propose whateve r reorganization planit wishes." Tribune throughu a buyout led by The deal left the companyu with nearly $12 billion in debt. Tribunwe has sold off assets and cut jobs sinc e the close of the deal to help with the debt Thecompany .

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