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

http://www.allison-mack.com/film_shrunk.htm
According to the report, the company might fall into the handx of a group of banks and investorw thatholds $8.6 billiojn in senior debt. The report says that "thes plan centers on a debt-for-equity swap that probably would give the seniort lenders a large majorituy ownership stake in thereorganizee company." The plan would also likely wipe out a $90 millionh warrant that Zell holds that would give him the righy to buy 40 percent of Tribune for about $500 The report says that Zell's future in the company woulc likely be determined by the group, as it is uncleafr if the group would want to brin in a new management, or if Zell himseld would want to remain with the company.
The reporgt says that "sources close to both the creditors and the company said it is too early to make such decisions and Tribunse management continues to control the process because it currentlyu has the exclusive right to propose whatever reorganization plan it Tribune through a buyout led by The deal left the company withnearlyh $12 billion in debt. Tribunse has sold off assets and cut jobs sincew the close of the deal to help with the debt Thecompany .