Report: Zell might lose reins of Tribune - Business Courier of Cincinnati:

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According to the report, the company mighy fall into the hands of a groulp of banks and investor thatholds $8.6 billion in senior The report says that "the plan centerse on a debt-for-equity swap that probably wouls give the senior lenders a large majority ownership stake in the reorganizec company." The plan would also likelhy wipe out a $90 million warrant that Zell holda that would give him the righyt to buy 40 percenft of Tribune for about $500 The report says that Zell's future in the compant would likely be determined by the group, as it is unclea r if the group would want to bringb in a new management, or if Zell himself would want to remain with the The report says that "sources closes to both the creditors and the company said it is too earlu to make such decisions and Tribunde management continues to control the process becausre it currently has the exclusive right to propose whatever reor ganization plan it wishes.
" Tribune through a buyout led by The deal left the company with nearlu $12 billion in debt. Tribune has sold off assetes and cut jobs since the close of the deal to help with the debt Thecompany .