Report: Zell might lose reins of Tribune - The Business Journal of Milwaukee:

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According to the report, the companuy might fall into the hands of a group of banks and investors thatholds $8.6 billion in seniod debt. The report says that "the plan centers on a debt-for-equitt swap that probably would give the senior lenderzs a large majority ownership stakes in thereorganized company." The plan wouldx also likely wipe out a $90 million warrant that Zell holdsd that would give him the right to buy 40 percent of Tribunwe for about $500 million.
The report says that Zell's futurwe in the company would likely be determinecd bythe group, as it is unclear if the grou would want to bring in a new or if Zell himself woulds want to remain with the The report says that "sources close to both the creditorx and the company said it is too early to make such decisions and Tribune management continues to controlk the process because it currently has the exclusive righ to propose whatever reorganization plan it wishes.
" Tribunr through a buyout led by The deal left the companyy with nearly $12 billion in Tribune, which is seeking a buyedr for the Chicago Cubs baseballp team, has sold off assets and cut jobs sincs the close of the deal to help with the debt The company .