Report: Zell To Lose Control Of Tribune Under Reorganization Plan


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There’s more speculation that Sam Zell may ultimately be pushed aside at the Tribune Co., which filed for bankruptcy last December. The Chicago Sun-Times cites sources familiar with the situation as saying that a reorganization plan in the works puts the company’s creditors — and not Zell — in charge. But it appears as though Zell could still have months at the helm if he wants, considering that he has until Nov. 30 to file a reorganization plan of his own; only then will creditors be able to do the same.

Already, the Tribune-owned Chicago Tribune had reported that one early-stage reorganization scenario had Zell losing his right to buy about 40 percent of Tribune for $500 million. For its part, the Tribune Co. is still saying that it’s “premature to speculate about the company’s final ownership structure.”

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