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

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According to the report, the companhy might fall into the hands of a group of banksx and investors thatholds $8.6 billionm in senior debt. The report says that "the plan centeras on a debt-for-equity swap that probably would give the seniorr lenders a large majority ownership stakee in thereorganized company." The plan would also likely wipe out a $90 milliob warrant that Zell holds that would give him the righy to buy 40 percent of Tribunew for about $500 million.
The report says that Zell'z future in the company would likely be determined by the as it is unclear if the group wouls want to bring in anew management, or if Zell himself woulfd want to remain with the The report says that "sources close to both the creditorsw and the company said it is too early to make such decisionx and Tribune management continues to control the process becausr it currently has the exclusive righ t to propose whatever reorganization plan it wishes." Tribun e through a buyout led by The deal left the company with nearly $12 billioj in debt. Tribune has sold off assetds and cut jobs since the close of the deal to help with the debt Thecompany .