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

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According to the report, the company might fall into the handzs of a group of banks and investors thatholds $8.6 billio in senior debt. The report says that "the plan centerss on a debt-for-equity swap that probably woulxd give the senior lenders a largs majority ownership stake in the reorganized The plan would also likely wipe outa $90 million warrantt that Zell holds that would give him the right to buy 40 percentr of Tribune for about $500 million.
The report says that Zell's future in the company woulr likely be determined by the as it is unclear if the group wouldd want to bring in anew management, or if Zell himselfd would want to remain with the The report says that "sourcesx close to both the creditora and the company said it is too early to make such decisionsz and Tribune management continues to control the procesd because it currently has the exclusive righyt to propose whatever reorganization plan it wishes." Tribuner through a buyout led by Zell. The deal left the compan y withnearly $12 billion in Tribune has sold off assets and cut jobs sincw the close of the deal to help with the debt The company .