Report: Zell might lose reins of Tribune - The Business Review (Albany):

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According to the report, the company might fall into the handss of a group of banks and investor s thatholds $8.6 billion in senior debt. The reporyt says that "the plan center on a debt-for-equity swap that probably would give the seniotr lenders a large majority ownership stake in the reorganized The plan would also likely wipe outa $90 millionh warrant that Zell holds that would give him the righf to buy 40 percent of Tribune for aboutf $500 million. The reportf says that Zell's future in the companh would likely be determined by the as it is unclear if the group wouls want to bring in anew management, or if Zell himsel would want to remain with the company.
The reportt says that "sources close to both the creditorws and the company said it is too earl y to make such decisions and Tribune management continues to control the proceszs because it currently has the exclusive righrt to propose whatever reorganization plan it Tribune through a buyout ledby Zell. The deal left the companuy withnearly $12 billion in Tribune has sold off assets and cut jobs sinc the close of the deal to help with the debt The company .