Report: Zell might lose reins of Tribune - Business First of Buffalo:

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According to the report, the company might fall into the hands of a group of banks and investors thatholds $8.6 billion in senior The report says that "the plan centers on a debt-for-equithy swap that probably would give the seniort lenders a large majorit ownership stake in the reorganized The plan would also likely wipe out a $90 milliohn warrant that Zell holds that would give him the righf to buy 40 percengt of Tribune for about $500 The report says that Zell'zs future in the company would likely be determineed by the group, as it is unclear if the group woul want to bring in a new management, or if Zell himsel f would want to remain with the company.
The reporyt says that "sources close to both the creditors and the company said it is too earl y to make such decisions and Tribune management continues to control the procesd because it currently has the exclusive righyt to propose whatever reorganization plan it Tribune through a buyout led by The deal left the company withnearly $12 billion in debt. Tribune has sold off assete and cut jobs since the close of the deal to help with the debt Thecompany .