Zell No: Trib Boss's Days Numbered?
By Marcus Gilmer in News on Aug 14, 2009 2:20PM
It looks like Sam Zell's fun-filled reign over the Tribune Company might soon be at an end according to a report from Tribune rival the Sun-Times. According to their story:
Eight months after the filing, two sources familiar with the process said creditors are working on a reorganization plan that elbows Zell aside. The creditors, including investment banks owed $8.6 billion from Zell's Tribune takeover, would stage a takeover of their own and sell off the company's newspapers and broadcast stations as they see fit.
"The banks will be in charge," one insider said, adding that they are growing impatient with Zell's stewardship. The bankruptcy court on Monday granted Zell extended time, until Nov. 30, to be the first to file a reorganization plan. Creditors have to wait at least that long before filing their own plan with the court.
The Sun-Times report explains it more thoroughly than we ever could pretend to.