Tribune Memo: No Liquidation, But Ownership Structure 'Likely To Change'


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The bankrupt Tribune Company’s assets will not be liquidated, COO Randy Michaels said in a memo (via Romensko), but he did appear to confirm speculation that the media company’s “ownership structure is likely to change.” While he didn’t mention CEO and Chairman Sam Zell by name, speculation has been rising in recent weeks that the Chicago real estate maven will be pushed aside by creditors as part of Tribune’s emergence from bankruptcy.

As the Chicago Tribune reported (we cited it here) in June, creditors holding $8.6 billion in senior debt could wind up with control following a debt-for-equity swap that would cancel out Zell

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